The NFT Economy in Metaverse Gaming

Patents Trademarks Business Technology Law Updates

Non-Fungible Token and metaverse 

The entire feature of owning a character and increasing its value implements a concept on which the metaverse land and property is heavily based. The concept of Play-to-earn as imply enables users to earn and own items in the form of non-fungible tokens (NFTs). NFTs are another concept that has contributed to revolutionizing the gaming industry. The players’ characters are called Avatars which are unique for every player, aka NFT. The feature of uniqueness is ensured by blockchain, wherein their ownership is intact with the user. The avatars that the players own have a dynamic value that can be traded and sold in exchange for cryptocurrency and further swapped into real money. Apart from NFTs and characters, Players can also own other types of assets, such as land property and tools, which can be bought and traded in the NFT marketplace.

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The metaverse gaming community

The metaverse gaming community plays a significant role in the development of metaverse games, which is also true of the gaming industry as a whole. In the metaverse gaming landscape, taking a community-oriented approach has resulted in the creation of enormous economic value. The creation of a forum in which multiple players can carry on conversations is an essential step in the process of growing a community on a gaming platform. According to the information disclosed in the patent, the multiplayer virtual reality game known as US6767287B1 is programmed in a manner that allows it to support multiple user communities. Evidently, the purpose of the invention is to connect multiple servers in order to bring together users from all over the world.

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Inside the Metaverse community

When players have the ability to govern, develop the game, and communicate with other users, a community has a greater chance of forming in a metaverse gaming setting. The prior art disclosure known as WO2022114456A2 describes a metaverse game system that is oriented on user interaction. This system gives users the ability to experience game content in an environment where virtuality and reality are combined. On the other hand, the value proposition of the project ought to be alluring enough for consumers to register for the gaming arena in the metaverse. In this regard, a number of different metaverse projects have created their games in order to generate economic value for the participants. Users can construct and establish original concepts by utilizing features of the platform such as the right to vote, the ability to produce NFTs, the sale of their assets, and the opportunity to meet other participants. In this regard, the prior art document US7780532B2 grants users the ability to construct a gaming environment and obtain ownership of such a gaming environment, including the ability to sell such ownership or a fraction of ownership in a certain gaming environment. This also leads to the ‘create to earn’ model, which is a concept in which game designers run the game studios and directly participate in the development of the game.

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Conclusion

The game business was one of the very first sectors to begin incorporating metaverse into its products, making it one of the pioneers in this space. They intend to provide a gaming experience that is very near to reality.

Even though the metaverse sector has been moving forward at a fast pace in terms of innovation, it is still a ways off from recolonizing the gaming industry. There have been many advancements achieved on the subject of security and decentralization, but there is still a need for innovation in the experience that Metaverse claims to deliver to its users. There is a significant amount of room for growth in the game industry thanks to the introduction of a metaverse, and a great number of organizations are continuously focusing their efforts in this direction. However much time it takes, when it is finally developed and properly integrated with all of the applicable technologies, the metaverse will transform the technology sector.

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Our team of advanced patent attorneys assists clients with patent searches, drafting patent applications, and patent (intellectual property) agreements, including licensing and non-disclosure agreements.

Advocate Rahul Dev is a Patent Attorney & International Business Lawyer practicing Technology, Intellectual Property & Corporate Laws. He is reachable at rd (at) patentbusinesslawyer (dot) com & @rdpatentlawyer on Twitter.

Quoted in and contributed to 50+ national & international publications (Bloomberg, FirstPost, SwissInfo, Outlook Money, Yahoo News, Times of India, Economic Times, Business Standard, Quartz, Global Legal Post, International Bar Association, LawAsia, BioSpectrum Asia, Digital News Asia, e27, Leaders Speak, Entrepreneur India, VCCircle, AutoTech).

Regularly invited to speak at international & national platforms (conferences, TV channels, seminars, corporate training, government workshops) on technology, patents, business strategy, legal developments, leadership & management.

Working closely with patent attorneys along with international law firms with significant experience with lawyers in Asia Pacific providing services to clients in US and Europe. Flagship services include international patent and trademark filingspatent services in India, and global patent consulting services.

Global Blockchain Lawyers (www.GlobalBlockchainLawyers.com) is a digital platform to discuss legal issues, the latest technology and legal developments, and applicable laws in the dynamic field of Digital Currency, Blockchain, Bitcoin, Cryptocurrency and raising capital through the sale of tokens or coins (ICO or Initial Coin Offerings).

The blockchain ecosystem in India is evolving at a rapid pace and a proactive legal approach is required by blockchain lawyers in India to understand the complex nature of applicable laws and regulations.

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