Advertisers, technology, and the metaverse all had a pivotal year. Metaverse is possibly the most imaginative concept of all. It is an ever-changing, alternate digital environment where anything can happen at any time.
But how can one acquire ownership of anything in the metaverse? NFTs (or nonfungible tokens) are one example. NFTs are non-transferable units of information stored on a blockchain. In a nutshell, NFTs enable the sale of digital things. And that thing can be anything digitizable, such as an artwork or a video game item. The blockchain serves utility by tracking NFT ownership and transactions.
We anticipate that the Federal Trade Commission will step up enforcement efforts and that the metaverse will continue to grow. 2022 will bring about innovation and more expansion into the metaverse. However, substantive legislation may be hampered when Congress returns home to do what it does best: seek re-election.