Ep. 4 Retail Matters: Retail in the Metaverse & beyond

Foot Anstey brings you the fourth episode of the firm's new podcast series, focusing on things that we think matter in the Retail & Consumer sector.

This podcast episode explores the relationship between the Metaverse and the retail landscape. Our experts discuss a range of topics, from the ongoing relevance and evolution of the Metaverse, to what retailers and consumers are doing in the Metaverse and what relevant legal issues they should keep in mind when it comes to their Metaverse strategy.

What's in this month's podcast?

Amongst other things, our experts discuss:

• What the Metaverse is, how it is reshaping the retail landscape, and whether it is still relevant given the tough time it has had over the past 6 months.
• What retailers are doing in the Metaverse and what kinds of technologies retailers will use to enter the Metaverse, such as VR headsets.
• Examples of Metaverse platforms and their use of blockchain technology and each platform having its own cryptocurrency – for example, Meta, Decentraland and Roblox.
• Some of the key legal issues that retailers should be aware of when discussing a Metaverse strategy, including collaboration, consumer protection, IP, data protection/cybersecurity, and cryptocurrency.
• How risk is managed – legal unknowns, laws in the Metaverse – for example, data protection and retail companies, contracts around IP, commercial points, and relevant governing laws for the particular jurisdiction of the Metaverse platform.
• The consumer purchasing/consumer legislation: from the Consumer Rights Act 2015, and the Digital Markets, Competition and Consumers Bill (which is expected to come into force in spring 2024) – more protection and the biggest shift in consumer protection in the digital world for transactions on the Metaverse – Are companies doing enough for consumers to know what they are signing up for?
• The Online Safety Bill, a law that aims to make the UK the safest place online which has measures to prevent children experiencing harm online and requires compliance from platforms. This will apply to the Metaverse as it is technology neutral and future-proofed to keep up with emerging technologies.
• How consumers are engaging with retailers in the Metaverse and why consumers like the Metaverse.
• How brands are engaging with the Metaverse such as collaborations between gaming companies and brands, such as Nike and Roblox.
• Key brands we have seen in the Metaverse. For example, Nike – web3 Metaverse team.
• How the Metaverse might evolve and how we can support that.
• Where we are going with the Metaverse such as virtual fashion, Metaverse fashion week and restaurants.
• How the retail industry can better capitalise on Metaverse technologies.

Useful resources

• In focus: Blockchain and the Metaverse | Foot Anstey
• Website: Retail & Consumer | Foot Anstey

Access all the previous episodes of our podcast via our dedicated Retail Matters podcast page.