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IPR In The Metaverse: A Multiverse Of Possibilities




Vidushi Jha, Jindal Global Law School

ABSTRACT:

With the rise of Cryptocurrency and NFT’s in recent years, there has been an increase in the demand for protection of IP rights in the virtual world. The current IP laws mainly govern the ownership regime of non-tangible elements of property such as books, cars, logos, etc. This paper attempts to understand and discuss the implication of IPR rights (Copyright, Trademark and Patents) in the metaverse and look at what potential challenges may arise for the existing IP owners, with the help of examples.

INTRODUCTION:

Metaverse has fast gained traction in recent times across various sectors. In the simplest terms, metaverse is essentially a virtual reality space which allows users to interact with one another through a simulated digital environment (a virtual world), using avatars. Since it is still in its developing stages, it is expected to expand and venture into several other environments which enables users to go beyond just interactions and play, socialise, work, create, design, shop. It essentially aims to offer experiences within a digital world which might not be possible in the real world. The renowned technological research firm Gartner, has predicted that by 2026, 25 percent of the people will spend at least an hour a day in the metaverse.1 With an already existing internet user base of more than 4.6 billion people worldwide, the metaverse has immense potential to grow. This would have a massive impact on businesses across the world because it does away with many of the physical constraints that cause hinderances in doing business in the real world such as transport and marketing costs, preservation and maintenance of goods etc. It is less complicated and very cost efficient since everything, right from surfing through the products to the purchase and payment is digital. To ensure that this creative environment continues to flourish with the creators getting their due rights, a defined set of intellectual property laws must be in place which is equipped in adapting with the changes. This paper aims to explore the existing intellectual property (“IP”) laws and its applicability to the elements of the metaverse and discuss the possible challenges regarding the same.

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Indian Journal of Law and Legal Research

Abbreviation: IJLLR

ISSN: 2582-8878

Website: www.ijllr.com

Accessibility: Open Access

License: Creative Commons 4.0

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​All research articles published in The Indian Journal of Law and Legal Research are fully open access. i.e. immediately freely available to read, download and share. Articles are published under the terms of a Creative Commons license which permits use, distribution and reproduction in any medium, provided the original work is properly cited.

Disclaimer:

The opinions expressed in this publication are those of the authors. They do not purport to reflect the opinions or views of the IJLLR or its members. The designations employed in this publication and the presentation of material therein do not imply the expression of any opinion whatsoever on the part of the IJLLR.

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