As you are well aware, the parent company of Facebook changed its name to Meta. The name change is a part of a larger conversation around the metaverse. We don’t know everything about the metaverse but we are here to tell you what we do know so you can start planning and preparing for how you are going to protect your brand moving forward.

What is the Metaverse?

The metaverse is the “next big thing” of the digital age and the next evolution of social connection. Today’s Internet can’t convey the full range of human connection and presence, but these are the defining qualities of the metaverse.

As coindesk best explained, “While no one knows for sure what the metaverse will look like, its basic characteristics are established—it spans physical and virtual worlds, is centered around a fully functioning economy, and allows users to travel through its different “places” with relative ease, maintaining their purchased goods and avatars.”

No one person or company can have control over the metaverse. The metaverse is a subset of the Internet. A virtual world that everyone will have a hand in building, using developing technologies like virtual reality (VR), augmented reality (AR), blockchain, and cryptocurrency.

What’s essential for you to know is the metaverse has the potential to change everyday life. It could become a trillion-dollar industry—a go-to for entertainment, commerce, and even a place of work. Google, Microsoft, Samsung, and Sony have joined Facebook in shaping the future of the metaverse. Will you?

Image Source: Oculus

How far away is this?

The metaverse is still a ways off but the foundation is being built today. Mark Zuckerberg believes it will be mainstream in the next 5-10 years. Within the next decade he thinks the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers.

What business opportunities can this bring?

There will be many different kinds of creators in the metaverse.

Creators who make digital objects
Creators who offer services and experiences
Creators that build entire worlds like gaming creators do today

Businesses will be creators too. Businesses will be able to build digital spaces and worlds, sell physical and digital goods as well as experiences and services, and use ads to ensure the right customers find what they have created.

What business opportunities can be missed if companies aren’t proactive?

Horizon home, Horizon worlds, and Horizon workrooms are places in the metaverse that user’s avatars can “teleport” to (essentially the equivalent of clicking a link on the Internet). People can interact with the metaverse using VR, AR, or the traditional way by computer or phone.

We’ve seen how technology has made our lives easier. We can order cars online that get dropped off at our house, we can have people shop at the grocery store for us, and virtually try on a pair of glasses. The metaverse is going to enhance these online interactions. Think about shopping for clothes online, except your avatar gets to try them on in a virtual dressing room! That’s what our Internet will be like someday soon.

This will create many opportunities for businesses to participate, and those who don’t will miss out on the revenue possibilities in the metaverse economy where their customers are working, hanging, gaming, and interacting online.

Image Source: Meta

What intellectual property implications could the metaverse create?

It has not yet been determined how ownership models and entitlements will work in the metaverse. This needs to be established to ensure users and brand owners can be confident in the fact that they own their digital assets in both the virtual and physical world.

Domain protection strategies for the metaverse

1. Combining ‘meta’ and ‘metaverse’ with your primary names, products, and domain strings

The Facebook company rebranded as Meta. The announcement of the rebrand to Meta has spurred interest in metaverse-related domain names. “Meta” is a broad term used by many companies and people. It is critical to secure domain names combining your primary names, products, and domain strings with “meta” and “metaverse” to protect your brand.

2. Registering technology and blockchain domains with your primary name

Technology domains: .ai for artificial intelligence, .ar for augmented reality, and .io for input/output. Blockchain domains: .luxe, .api, .base, .c, .gin, .js, .mke, .txt, .zen, .crypto, and .zil.

3. Domain monitoring

Prevention is the key to a successful domain management strategy. 101domain’s Brand Monitoring Services monitor your trademarks and alerts you when we find your brand name, merchandise, or intellectual property being used online across multiple platforms. We give the insight you need, help you enforce your rights, and take ownership of your domain names.

Contact our experts to craft your personalized monitoring solution.

Please keep checking back to our blog. We will keep you updated as more information becomes available.

Metaverse 101: An Introduction to the Future Internet