January 5, 2023 – In today’s digitally connected world, the new Wild West is the “metaverse.” As with the real world, the metaverse contains key aspects of civilization such as social interaction, currency, and trade, resulting in tangible benefits in the real world. The metaverse had a global market value in 2021 of $22.79 billion and growth is expected to continue at a compound annual rate of around 40% per year by 2030, according to the GlobalData website.

Brands entering the metaverse

Online sellers are using famous brands and objects in the metaverse as virtual goods or NFTs, sometimes without authorization. Parties often buy and sell these digital goods online, creating a virtual marketplace for a representation of a real-world good. With this new market comes new questions about how to apply the real world…