The Consumer Financial Protection Bureau (“CFPB”) published a report on Banking in Video Games and Virtual Worlds (“Report”) that warns of greater scrutiny of and enforcements against the financial services offered in games and virtual worlds that increasingly resemble traditional financial products and services offered by regulated banking and payment systems. The Report is applicable to all types of games and virtual worlds, but creators and publishers of blockchain games and metaverses, in particular, should take note of this report.Continue Reading CFPB Report Targets Games and Virtual Worlds – What Blockchain Game and Metaverse Companies Need to Know

The rise of blockchain, metaverse and Web3 technologies has lead to rapid adoption across all sectors of the economy. The government sector is no exception. Perhaps one of the most compelling examples is the recent announcement that the US military is building its own metaverse.Continue Reading Blockchain and Metaverse Legal Issues for the Government and Government Contractors

As frequently as you heard “NFTs” in 2021, you will hear “metaverse” in 2022. The common denominator with these topics is that both heavily leverage blockchain technology. The other common denominator is that both NFTs and metaverses involve a long list of complex legal issues. We have addressed some of the legal issues with NFTs here and here. The link below provides an overview of some of the legal issues with metaverses. We view metaverses as a confluence of technologies and business models which may include some or all of those set forth below.  Many companies are jumping into NFTs and the metaverse but don’t have a full understanding of all of the potential legal issues. As each metaverse is unique, it is important to obtain an assessment of the potential legal issues with your metaverse implementation or participation and the various technical and business elements you plan to use.
Continue Reading Are You Well “Versed” in the Legal Issues with Metaverses?