The metaverse has taken the digital and physical world by storm. Many companies, including Facebook, have developed augmented reality products within the metaverse and many of these products utilize Non-Fungible Tokens (NFTs) to integrate the digital and physical consumer experience.
A new NFT-based game, Wolf Game, exemplifies the success of utilizing NFT products within the metaverse. Wolf Game combines NFTs and decentralized finance (DeFi) to allow players to collect digital sheep, earn WOOL in-game tokens, and generate NFT-based content. Although the game is scheduled for a full launch in 2022, it has already become a hit within a week of its "stealth launch" in early November. Over 12,300 ETH were traded, with digital NFT wolves being priced at as much as $85,000. The game has also found powerful advocates in the NFT space, including Gary Vaynerchuck and NFT-collector Beanie. This article further details Wolf Game and its development in the ever-expanding metaverse.
For further information or questions about legal considerations surrounding NFTs, contact Mike Tomasulo (Co-Leader, Videogame, Gaming & Esports Group).
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Winston & Strawn Law Clerk Dhruva Krishna also contributed to this blog post.
About Winston's Videogame, Gaming & Esports
Group
Recognizing that emerging industries require bespoke
lawyering, Mike Tomasulo and David Enzminger formed and lead
Winston's Videogame, Gaming & Esports Group to provide
comprehensive legal solutions to companies in these industries.
This multidisciplinary group includes more than 60 lawyers across
10 practices working seamlessly to assist companies in these
industries in all areas, including managing IP portfolios,
assisting esports companies establish global sports leagues,
selling franchises, and developing proactive legal solutions for
issues that arise from league operations. We represent videogame
publishers in antitrust matters and represent both rights owners
and gaming companies in licensing issues for game content. In
addition, our team helps electronic game clients prepare for all
types of regulatory and public scrutiny issues, such as corporate
governance, data privacy, and harassment/discrimination claims that
are sure to come as the industry continues to grow in both size and
influence. Our offices in New York, Silicon Valley, Los Angeles,
Shanghai, and Hong Kong provide gaming clients with a global
platform for their complex and evolving legal needs.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
