Milan Fashion Week and Fashion Law Trends: Fashion in the Metaverse - a new era for brands

Metaverse: The next great frontier to be explored and developed by companies in India

Metaverses, or rather Metaverses, are an ever-growing phenomenon, which has captured the interest and creativity of companies all over the world. It’s an ever-growing concept, and companies can’t afford to miss it. It is something that is here to stay and companies in India in particular have been very keen to understand the concept and potential of the Metaverse, and have taken active steps to build their Metaversal footprint, examples of which are giants in India like Mahindra, Mahindra, Tanishq, Makemytrip, etc. With so much emerging in the somewhat nascent world of the Metaverse, the Metaverse abstraction is much more than a simple virtual room to facilitate interactions with the rest of the world.

While the name has been changed Facebook to me dead Perhaps the catalyst for this concept gaining broader commercial momentum is also the contribution of other brands and organizations, which have merged into the current widespread attraction of the Metaverse from a business perspective. While companies like Facebook/Meta and other Silicon Valley companies may attract most of the global media attention regarding the Metaverse, Indian companies are not far behind, and are now taking equally strong steps towards developing the Metaverse and being an active part of this virtual global.

Indian Enterprises: Embrace the Metaverse and Enjoy!

The launch of the .. the launch of the .. the take off of the Foundry Metaverse[1] To promote ‘Physical-Virtual Correlations’ announced by Infosys, Which has been a giant in the IT sector for more than four decades. In a press release[2]announced that the platform’It combines domain strength, design expertise, platforms and digital accelerators, with strong relationships in a rich economy between creators and partners’. Infosys’ Metaverse campaign also announces AR/VR integration, as well as a “Living Labs” platform[3].

In February 2022, President and Chief of Business and Technical Services at Tata Consulting Services (TCS) Krishna Ramanujam In an interview with MoneyControl he expressed his interest in Metaverse as “In terms of deals, there are a lot of proactive proposals that we have made to clients. But at the moment it is small.[4]. In addition, he expressed his belief in opening the Metaverse into the industrial space as a key to its development and acceptance.

Mahindra And the Mahindra, The non-fungible tokens (NFTs) costing around INR Twenty Six Lakhs were released individually (about US$32,700) which were built on their famous Thar car, and it is claimed that combos from the same will be earmarked to empower the girl. Harish Lalchandani Vice President of Marketing, Mahindra and Mahindra said:Our goal is to build a distinctive and distinct brand. In order to do that, there has been a major shift in the way we approach the market. We have focused on adapting new and innovative ways of marketing, especially digital marketing.”[5]

A similar move has been taken before Makemi Trip[6]And the A travel company, on top of those launched in Virtual Vacation NFTs worth INR 14,999 ($190 approx).

On April 7, 2022 Tanishk It became the first Indian jewelry brand to set foot in the Metaverse with the launch of its latest collection titled ‘polki romance3D designs were shown to the general public by scanning a QR code. Ajay Chawla, CEOAnd the jewelry sectionstated that ”It is another build in the virtual world. While e-commerce is primarily transaction management and occurs through omnichannel paths often today, the metaverse is a space where brands can create assets and interact in an immersive interaction format through cryptos and NFTs, and engage audiences through AR and VR in an effective way. .[7]

Indian Companies: The Leading Development of Metaverse

While many Indian companies have been proactive in creating a Metaversal presence, what is most encouraging is the fact that many Indian IT companies have been at the forefront of creating their own Metaverses, by providing innovative platforms, which are manufactured exclusively in India (in fact Echoing that Indian idea of nirbar spicesi.e. India that relies on itself!).

Like startups Luca, An application designed for its users to start interacting with the rest of the world through the gaming feature that provides real locations and experiences for the players.

another company, icons, A financial platform that refers to monetizing digital assets to the Metaverse through NFTs.

wall application, It is an outstanding application that enhances social interaction among its users by eliminating any opportunities for third party interference.

In fact, India is the first Metaverse wedding Signed into the homemade / local Metaverse platform, ie Yuj Metaverse!

Due diligence and preparations for entering the Metaverse – Brand Protection

In a virtual plane where every design/image/content is one click away from being stolen, it becomes imperative for companies to enthusiastically protect and promote their intellectual property. As it turns out through continuous Meta Perkins In the USA, the issues of IP abuse and infringement in the Metaverse are very real, and there is an urgent need for entities to take proactive steps to protect their brands in the Metaverse.

An important way to protect trademarks in the Metaverse is by filing trademark applications for related goods and services, prior to launching a Metaversal trademark offering, as well as offerings such as non-fungible tokens (NFTs). Indian companies have been very proactive in securing their intellectual property rights for these goods and services. For example, please see below some examples of Metaverse-related filings made by Mahindra And Mahindra Limited recently:

Preparations for entering the Metaverse – Chief of the Metaverse (CMO):

In order to monitor web 3.O, the role of the new position CMO or Metaverse Head Office is an essential one that companies are already beginning to fill. Major global brands like Zepeto, MetaFrames, Shadow Factory etc. have already hired CEOs, and there are ongoing developments regarding the same from other brands like Amazon, Disney and Nike.

CMO plays a dual role, which presumably goes beyond the traditional scope of a chief marketing officer. Where organizations like Dale, Verbella And the Starwood Hotels Millions are spent building a digital space for interaction, accountability standards must be developed according to the needs and required disciplines. This requires a strategist with a combined experience of the CIO and CTO to help navigate for a better reflection of IP and business. For more information about these CMOs, you can access Previous article on the topic here.

The concept of Metaverse may seem very far for some industries and companies, however, its prominence and need will only grow over time, as the world slowly tilts towards Web 3.0. It’s exciting to see how things go in this direction in the coming months and years, which will see the Metaverse as well as facilities like blockchain closely linked with everyday business and customer engagement. It is time for companies to take note of these developments, and thus take steps to differentiate their presence in this new digital and virtual world.

This article was first published on Bar and Bench- over here.

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