As technology continues to shape the reality in which we live, what does the continuation of technological trends mean for the virtual world? If you’ve ever heard the term “NFT,” then you’ve at least heard a bit about the reality of the next transition in society: a deviation from in-person forms of currency and trademarks to that of online cryptocurrency and trademarks. For your trademark for your Oregon business, find out below if you, too, should consider developing an NFT and digital trademark in the metaverse.
Wait, What Is an NFT?
NFT stands for “non-fungible token,” a form of digital content that is linked up with blockchain technology. Blockchain technology is the database, so to speak, that interlinks cryptocurrencies such as Ethereum, Polkadot, and perhaps the most commonly referenced, Bitcoin. These cryptocurrencies are actually fungible, which means you can vest them, and in the end, they are exchanged or replaced with another form of value, such as a dollar, a euro, a pound, or a franc.
NFTs, however, are one-of-a-kind and are not able to be exchanged for another of the same because no two are alike. Another example for reference is that of Pokémon cards. Some of the cards are considered “rare” or are even limited editions. In this, there is a certain value built into the item, as supply and demand economics tells us. It’s similar to a super-select item like a limited-edition pair of shoes, like Jordans.
The non-fungible component of the token lies in the fact that it is not eligible to be traded or replaced by any form of money, yet it still has the power to represent “bought” things online. For instance, one of the most notable sales paid for online was the recent Christie’s art sale that garnered a nearly $70 million price tag, which is now an owned NFT. To state this more clearly, the present ownership of the digital art piece is what was up for sale. Now there is only one person who can share the image of the art: the owner of the piece who “paid” for it with cryptocurrency. The certificate of authenticity showing that the artwork is one of a kind is the NFT.
This new-found digital ownership is becoming all the rage, with sales of similarly unique things, such as Jack Dorsey’s first tweet for nearly $3 million. There are memes and other forms of digital wares that are being sold as NFTs. That is, their ownership and the right to continue to use them are expressed as the NFT. Other things like virtual property, memes, content, art, and more are able to be purchased, and then the person that bought the “thing” has their ownership represented as in their NFT.
What Is the Metaverse?
The metaverse is a repetitious idea of the internet, where there is a constant online virtual environment, as one might see in Second Life. (Second Life is a video game where you design your whole existence—or life—in a digital and virtual world. You shop, eat, bank, pay, work, live, find love, and so forth in the game.) A metaverse is a form of personal computing where the persistent 3-D virtual world is experienced, often through augmented and virtual reality headsets.
How Do NFTs and Trademarks Relate to the Metaverse?
Companies are starting to look at how to transfer their branding, slogans, and trademarks into the metaverse. If you have virtual property in the metaverse and you want to own a Mercedes, for example, then you’re looking at having the potential to buy an NFT that certifies that you own authentic Mercedes goods in the virtual world.
How Do I Partake Too?
By working with a legal team to prepare your brand or trademark for your Oregon business for marketability in the metaverse, you’re taking the first step in guaranteeing that your official good or product is protected and certifiably valid online in the metaverse. As people further develop their online presence, there will be an increased desire and demand for things in that online world that represent reality as we live it in the real world. It makes sense to secure your trademark in the online world so you, too, can offer it—and the authentic version at that. It will also protect you from someone else using or profiting from your brand or trademark in the metaverse without your permission.
Filing Paperwork for Your Trademark for Your Oregon Business
There are a series of steps to follow as you prepare to file your application to the trademark office. You can find out more about how to file from Berkeley Law & Technology Group.
In order to be more prepared to file your trademark with the United States Patent and Trademark Office (USPTO), you can search through the active business trademarks here in Oregon. Once you’ve decided on what you would like to file, be it a slogan, a logo, an audio sound, or otherwise, you can reach out to the experienced team at Berkeley. We can help your business prepare all facets of the filing. There are also additional benefits to having a legal team behind your filing. One major reason is that even though you might be filing nationally, there may be a benefit to filing internationally too.
And in the case of preparing to file your trademark application for entrance to the metaverse, laws and standards are still developing in order to protect your business and those of countless others as they enter their virtual existences in the metaverse. To make sure you have all your bases covered, reach out to Berkeley Law & Technology Group. We work close to this recently developed legal sphere and we can help you and your business make a smooth transition into a 3-D online environment.