Today, Lusheng Law Firm has announced the official launch of a new service designed to support multinationals expanding in the digital arena.
Businesses, especially multinationals, are increasingly creating new digital experiences for their audiences, from retail brands producing and selling non-fungible tokens (NFTs) to restaurant franchises opening virtual metaverse locations. They are also seeking to protect their digital creations and brand reputation. In 2021, the global overall market value of NFTs reached 25 billion US dollars 1, and the European Union Intellectual Property Office reported nearly 1,200 applications for marks covering virtual goods and services filed in the last nine months alone.2
However, the intellectual property (IP) challenges surrounding digital activity are complex.
In China, western multinationals have increasingly been looking to expand their digital activities and many need support to navigate the strict regulatory environment there, following cryptocurrencies being banned and the enactment of the Personal Information Protection Law last year.
The new service from Lusheng will meet businesses' growing needs for guidance on the risks of their digital activities and how they can protect their IP in virtual worlds, as brand activity in this space – and consumer appetite for virtual assets and experiences – continues to increase.
The service will offer end-to-end digital IP support to multinationals, including everything from building digital strategies and aligning IP with commercial strategies, through to infringement detection, enforcement and dispute resolution. It will provide advice on issues such as regulations for NFTs and the implications of personality rights for digital avatars, as well as broader digital issues like personal data protection and cross border data transfers.
Ling Jin, Head of Digital and Commercial at Lusheng, will work closely with Rouse's experts around the world to help them provide the service in other markets. She said:
"With new technology trends emerging, brands are eager to keep expanding their activities in the digital world, offering unique experiences to their consumers and leveraging different revenue streams. As they do, it is critical for intellectual property to be included in their decision-making.
"IP regulation is still catching up with the latest digital developments. This means there are key variations between markets and grey areas that businesses can face when trying to launch new services or campaigns and enforce their brand rights.
"The new service will help multinationals navigate this challenging and evolving landscape, so they can reap the rewards without exposing their brand or creations."
Footnotes
1 NFT sales hit $25 billion in 2021, but growth shows signs of slowing | Reuters
2 EUIPO data, 01/09/2021 – 03/06/2022