Your rights in the metaverse: The benefits and challenges of collaborating in the digital age

cointelegraph.com:

The inception of the metaverse has revolutionized the way we connect, communicate, build and conduct business. Providing new avenues for creators and brands to co-create and reach global audiences, the metaverse has found a home in the fashion, arts and entertainment industries. 

Success stories in the metaverse include ABBA’s groundbreaking avatar show in London, which achieved an impressive 380,000 ticket sales within the initial couple of months. On the other hand, Decentraland’s Metaverse Fashion Week and Metaverse Art Weekhave also proved to be triumphant ventures. However, the metaverse isn’t just a creative paradise; it’s a battleground for intellectual property (IP) rights. Consider Nike’s recent encounter — the sportswear giant filed a lawsuit against a virtual sneaker company selling Nike-styled shoes as non-fungible tokens (NFTs). It’s a prime example of how the lines between physical and virtual IP rights can blur. 

The metaverse thrives on digital assets, including personalized avatars, virtual goods, real estate, experiences and services. These assets hold tremendous value in the digital world, as seen with Beeple’s Human One and Everydays: The First 5000 Days, which combined, sold for nearly $170 million. Creators and users can own, trade and monetize these digital assets. However, it poses new questions — to what extent do ownership and IP laws apply in this context? How can we protect and enforce IP in the digital world while fostering creativity? 

While the metaverse encourages user-generated content and synergetic creation, it complicates traditional copyright structures. Collective creativity and shared ownership of content in the metaverse raise considerations regarding fair use, credit and compensation