Virtual McRib anyone?
McDonald’s filed a trademark application for a virtual fast-food restaurant, as well as for virtual goods and services, with the United States Patent and Trademark Office in February, jumping on the “metaverse” bandwagon.
The metaverse is envisioned as an immersive online space where users can play games and interact with others as avatars in a computer-generated environment.
According to industry experts, people will be able to shop and attend virtual concerts as well as sporting events in the metaverse.
The giant fast-food franchise hopes to operate virtual restaurants, “featuring actual and virtual goods” and “operating a virtual restaurant online featuring home delivery,” according to the trademark application.
On Feb. 4, McDonald’s also filed a trademark application hoping to eventually provide entertainment services, “namely, providing on-line actual and virtual concerts and other virtual events,” the application read.
The idea of purchasing an item you cannot touch or an event you don’t experience in-person is fueling a frenzy among investors and artists looking to cash in on the virtual market.
For example, non-fungible tokens, better known as NFTs, are inspiring a bit of a “gold rush mentality,” Larry Cheng, managing partner at Volition Capital, a Boston-based growth equity firm, told FOX Business during an interview in January.
Cheng, who focuses on investment opportunities in Internet applications, e-commerce and consumer products, told “Varney & Co.” that there has been a “massive explosion” in interest and investment in NFTs, “which are really the fiber of the metaverse.”
“They are what enable you to own real estate,” he explained, describing NFTs. “They are what enable you to own virtual goods in the metaverse and so forth and they are soaring right now.”
Cheng pointed to data that highlighted the massive growth in NFT sales.
The total value of all NFT sales that took place in 2021 was $23 billion compared to less than $100 million in 2020, according to data published by DappRadar and noted by Cheng.
DappRadar noted in its 2021 industry report that “the NFT space experienced one of the most impressive expansions overall.”
“Strongly tied to the success of NFTs and blockchain games, the outlook for the metaverse and virtual worlds was already promising,” the report noted. “Nonetheless, after Facebook’s rebranding announcement, the metaverse outlook exploded positively.”