It’s been quite a busy start for the year for the NFT marketplace and for the Metaverse with the increasing number of companies and organizations joining the space. After Facebook rebranded itself into Meta in early November, predictions were however made that the metaverse market could reach $8 trillion with high hurdles to adoption. Recently, news had hit the wires of Warner Music Group going Metaverse with a Sandbox (SAND) theme park. Last month, retail titan Walmart also filed several metaverse-related trademark applications, intending to offer a selection of virtual goods.
Nike and Adidas, major sportswear companies, have also jumped on one of the hottest trends in tech. Clothing and accessories retailer Gap has also launched its own NFT collection. Meanwhile, entertainment behemoth Disney is hiring an NFT expert. In Lieu of these emerging trends, regulatory scrutiny is unlikely to abate any time soon, mainstream companies will likely continue to enter the Metaverse. Unlike the adoption of blockchain technology and digital assets, firms appear to be more actively exploring the Metaverse and NFTs.
What’s in the Offering
Overnight, news hit the wires of U.S fast-food chain McDonald’s partnering with Humberto Leon to roll out a Zodiac collection within the Metaverse. The collaboration is in recognition of the Lunar New Year and the Year of the Tiger. The world’s largest restaurant chain has filed ten applications to offer virtual goods with home deliveries and beverage products in the form of downloadable media files that will contain non-fungible tokens (NFTs). Fans can also relax in the McDonald’s lounge. The lounge features a lantern display and fans can light their own lanterns to release into the sky.
Winning Hearts Again
As reported by U.Today, Prior to this time, Elon Musk, the world’s richest person, recently nudged the fast-food behemoth to accept meme cryptocurrency Dogecoin, promising to eat a McDonald’s Happy Meal on television. The fast-food chain laughed the offer off, by asking Tesla to add support for fake cryptocurrency.
McDonald’s also started trolling the cryptocurrency community in the wake of the crypto crash that took place in January. Now, they are a part of it and it’s a smart move made by the multi-billion dollar company to win the hearts of its consumers, showing how committed they are to go along with the new strides.
Josh Gerben, a trademark lawyer whose firm tracks new trademark filings on a daily basis, first made note of the requests on Twitter, pointing out 10 applications filed by McDonald’s. It’s good to note that the request made by McDonald’s often takes the U.S. Patent and Trademark Office eight to nine months to review, according to Gerben, though he says Mcdonald’s should have no troubles getting the trademarks approved.
While the Metaverse is not the only virtual world in which these trademarks can be used, Meta appears to be leaning more heavily into its vision of a virtual world than any other major technology company and it is seeing results. According to Meta’s fourth-quarter earnings report, the company pulled in more $800 million in revenue from “Reality Labs,” its division that includes its augmented and virtual reality-related consumer hardware like the Oculus, the company’s widely popular VR headset used to access the metaverse.