This year’s theme for the TI:GER Innovation Conference is NFTs, Digital Assets, and the Metaverse. Our speakers will address the exploding interest in NFTs and the use of digital assets in the art, fashion and music industries, as well as use in the Metaverse. We are motivated by the renewed popularity of blockchain technology and the future prospects of this technology as NFTs continue their rise in popularity and valuation.
The Emergence Of The Metaverse
When people speak of the metaverse, they are not necessarily referring to one specific piece of technology. Rather, it is a shift in how people will interact online. Sometimes referred to as Web 3.0, the metaverse can include augmented reality, virtual reality, online communities, and games. It is a clash of both the digital and physical, whereby participants can interact with one another, create unique assets, and buy and sell goods online.
While the concept of a metaverse is at the moment nebulous, major players, including Facebook, Ralph Lauren, and the rock band Kings of Leon, are lending credibility to the movement toward a decentralized, online space. Whether building a neighborhood, like Snoop Dogg’s Snoopverse, or creating exclusive communities around art, such as CryptoPunks, more and more individuals are finding ways to create unique experiences in both the physical and digital worlds.
NFTs Changing The Marketplace
In the most simple terms, an NFT, or non-fungible token, is a unit of data that is stored on a blockchain. This unit of data can be tracked across various transfers, owners, and changes to its properties. NFTs are distinct from other blockchain technologies, such as cryptocurrencies. By contrast, cryptocurrencies are equal in value and interchangeable.
Since NFTs are secured using blockchain technology, NFTs provide a decentralized method of transferring ownership of a digital or physical asset. Most current applications facilitate commerce in the virtual world, but NFTs are spilling out into the physical world as well.
For example, some NFTs are used to represent assets that are both virtual and physical. An artist may sell a piece of real-world art that also issues a corresponding NFT. In addition, a clothing company may sell physical clothing along with digital clothing that could be used to dress a purchaser’s virtual avatar in the metaverse. Many physical assets are also now represented by a token, which is used by consumers to prove ownership of the asset.
NFTs are enabling the creation of new types of assets that can be used in both the metaverse and in the physical world. While this provides new and exciting opportunities for creators and entrepreneurs, the rapid emergence of NFTs has provided little to no time for regulators and legislatures to respond to questions and concerns raised by this emerging technology.
A Lawyer’s Role In The Metaverse
How should lawmakers respond to the rise in popularity of NFTs? What role do lawyers play in the development of the metaverse? How can the legal community support creators, entrepreneurs, and enterprises straddling the physical and digital world?
These are the questions that we ask as we look to the future of the law and legal innovation. Join us by Zoom on January 27, 2022 from 11 a.m. to 2 p.m. EST. Click HERE to register.