Intellectual Property Rights In The Metaverse: The Implications Of NFTS
- IJLLR Journal
- Mar 11
- 1 min read
Ayush Patra, CHRIST (Deemed to be University), Bangalore
ABSTRACT
The dynamic advancement of technology, especially the existence of metaverse and non-fungible tokens (NFT), is severely putting into question the standards of IPR. This paper seeks to review how IPR needs to respond to those innovations, given that virtual realities are now increasingly part and parcel of economic and social existence. The virtual environment, Decentralized 3D virtual world Metaverse, and NFT, the unique digital assets of Blockchain technology, offer new challenges in the legal aspects of Copyright, Trademark, and Patents. Effective now, it is possible to own art, real estate, and many other valuable items in the form of NFTs. Still, there is a problem of copyright infringement due to the ability to create many similar copies. Some important aspects covered in the paper are the restricted enforceability of copyright and trademark rights in the metaverse and the required licensable relation. They are decentralized and possess transparency; their legal aspect about ownership and Intellectual Property Rights is still unclear. This article proves that the extension of the so-called metaverse will inevitably force us to rethink the protection and regulation of IPR and digital assets within it, as concepts and frameworks known from traditional legal regulation of the Internet do not always apply.
Keywords: Blockchain, Intellectual Property Rights, Metaverse, NFTs, Virtual Environments.
