While much public ado has been made about the metaverse, ambiguities surrounding the nascent space have left many consumers with questions about just exactly what the metaverse is, and how it can benefit them. No matter the case, the novel virtual world is clearly on the rise; the metaverse market is anticipated to grow at a rapid 41.7 percent CAGR until 2028, when it’s forecasted to reach an impressive $828.95 billion valuation.
Still, as the metaverse works toward fulfilling its lofty financial potential, numerous uncertainties surrounding its infrastructure must be addressed, and subsequently amended, along the way. With new technologies and innovations necessary to bring the metaverse toward its full potential, one age-old trade of the tangible world will see a necessitated shift to the metaverse in turn: legal practice.
As a renowned lawyer and futurist in Los Angeles, Charles Lew and his eponymous firm, The Lew Firm, is pioneering the ‘digital’ legal presence into the metaverse. Lew aims to help navigate L.A. businesses through all the legal turmoil the metaverse is sure to bring while guiding them towards fiscal prosperity in the process. Considering transactions are anticipated to be an integral part of the metaverse, made evident by the continual multi-million dollar purchases of virtual plots of land inside the space, requisite ownership contracts are bound to follow in turn. As the legalities of the metaverse remain shrouded in mystery, consumers desiring to make the most of the metaverse will require a trustworthy legal professional in their court – a role Lew intends to take on to the fullest.
“The metaverse is a new technology but such a ripe and fruitful area for small businesses, so it’s important to create a presence early-on,” said Lew. “There’s incredible opportunities for our clients there, and we’re not going to let them miss out.”
Currently working with Decentraland, one of the most established metaverses on the market, the Lew Firm’s early entry into the metaverse comes from lessons learned at the dawn of the internet. While the web was not taken seriously by the masses as a viable marketplace during the 1990’s, today’s earth-shattering e-commerce sales and digital influence have proved naysayers wrong time and time again. For Lew, the metaverse offers the same potential as the early-age internet, expecting the space to not be a fad, but to become an inevitably.
“The Metaverse is still so ambiguous and new right now that there’s a lack of clarity about how it all works,” said Lew. “It’s the modern-day Wild West. Stake your claim to a property or a piece of land – and it’s yours. The ways you can theoretically profit from the metaverse is unlimited, so run, don’t walk.”
With the transition of business concepts from reality into the virtual space, intellectual property violations are inevitable. Armed with decades of legal experience, Lew looks to help protect intellectual property law inside the metaverse and go on to build his clients’ virtual presence on the back of this pre-established legal safety net.
Lew’s unique approach to the metaverse has already attracted the patronage of Los Angeles’ most iconic businesses and establishments, including Hollywood’s historic TCL Chinese Theater, Yamashiro and Venice Beach’s famed Hotel Erwin. Even the likes of fellow attorneys are entering the metaverse under the auspices of The Lew Firm, such as one of the nation’s leading firms, McDonald Worley, known for their TV show “Power of Attorney”. Needless to say, the future looks bright for clients shuttled by Lew into this burgeoning virtual landscape.
Though much remains uncertain about the metaverse, Lew’s steadfast commitment to staying ahead of the curve to the transition to the metaverse has ensured that his clients will have their presence in the up-and-coming marketplace, laying the foundations to reap the metaverse’s future fiscal rewards along the way.
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