Leaders in entirely different industries are flocking to create their digital brand in metaverses like Decentraland and The Sandbox. Some of the world’s largest bank institutions, luxury retailers, celebrities, and technology companies recognize the Web3 revolution and have dedicated tremendous time and resources to staking their brand in this flourishing new era. According to a report released by J.P. Morgan, “The metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues.” It’s easy to see why J.P. Morgan built its swanky digital presence called, Onyx Lounge, in Decentraland’s Metajuku mall, where a tiger is roaming the lobby and an illuminated photo of CEO Jamie Dimon graces the main entrance wall.
An all-out-frenzy
Whether it’s big or small, new entries into the metaverse always make the news. In February of this year, luxury digital real estate developer, Exclusible, sold 25 private islands in The Sandbox to celebrities and business owners around the world, for a total sum of $2.9 million. In a more recent all-out-frenzy, Bored Ape Yacht Club (BAYC), valued at $4 billion, announced its release of 55,000 land deeds in their metaverse, Otherside, was released on April 30th. Absolute hysteria ensued as users clamored to meet the verification parameters set forth a month prior in a cryptic announcement by BAYC. Discord chat servers were crashing every ten minutes from the sheer volume of the topic, and for 24 hours following the release, more than $561 million was generated in the deed sales.
Certainly, LA-based attorney and entrepreneur Charles Lew was quick to notice there was a big roomy seat at the table for lawyers as well.
Branding in the metaverse
"Physics need not apply,” says Lew, who founded Meta Dev Co. earlier this year to specialize in digital land use and branding in the metaverse. Unburdened by city planning, zoning, and complex permitting matters, construction in the metaverse moves at lightning speed with boundless possibilities. Meta Law Plaza was little more than an idea as 2022 began, with Lew brainstorming about how attorneys can be part of the metaverse in a meaningful way. As a member of the board of directors for Loyola Law School, Lew quickly connected the dots and cemented his concept with The Sandbox’s first legal campus. By the end of the first quarter, Meta Law Plaza is already a robust development anchored by a to-scale Loyola Law School, with an extraordinary 100 ft tall statue of Lady Justice.
“We wanted something that would unmistakably represent lawyers, and what better way to do so than digitize the 16th century Hans Gieng masterpiece Lady Justice?” says Lew. Meant to stand guard over Meta Law Plaza, Lady Justice is a symbol of hope and order for what will undoubtedly become one of the most challenging areas for legal professionals to navigate, as the metaverse is a limitless digital world rife with potential infractions. Nowhere will her blindfold of impartiality be more necessary than here, upon a new age where law is not yet defined.
Gamification possibilities
As for the land development surrounding Lady Justice at Meta Law Plaza, its visual feast and aesthetic appeal will be dwarfed by its utility. World-class mediator, Don Wolfe, will be leading the ADR initiatives at Meta Law Plaza which will serve as a fully functioning legal community. Starting with the digital reproduction of Loyola Law School, eight independent law firms of varying legal specialties are slated to join, as well as a digital notary, litigation finance company, and court room for binding arbitration.
“We envisioned an immersive, virtual destination for lawyers. With access to justice as a core principle, we wanted to create a place for people to address their legal needs as efficiently and expeditiously as possible. Once Loyola Law School was on board, everybody else instantly understood the global potential with this nascent technology.” says Lew.
“Meta Law Plaza shares our vision of utilizing technology to increase access to justice. We are proud to pioneer this new frontier of litigation finance.” said Bill Tilley, President of Amicus Capital Group.
Meta Law Plaza isn't all work and no play. According to Lew, one of the reasons Meta Dev Co. chose The Sandbox as its honorary platform was its gamification possibilities. The gameplay feature is rumored to be released later this year, allowing landowners to build captivating and engaging games and experiences for all visitors to enjoy.
NFT drop this year
What would lawyers want to play a game for and why would they make time to do so? Meta Law Plaza will allow legal professionals to visit, solve riddles and play to earn specially minted non fungible tokens (NFTs), tailored to attorneys. “We created an entire storyline for our participants called ‘Lawyers and Lore’ and every single collectible item is irresistibly chock full of history and character;" says Lew “it’s going to be a lot of fun and a great way to connect attorneys all over the planet while also creating a community for ourselves as lawyers.” With some lawyers working 80 hours a week, the prospect of logging on and partaking in a treasure hunt for ancient legal artifacts in Meta Law Plaza would be a welcome respite. The NFT drop is expected to be released this year, concurrent with the start of Lew’s new course at Loyola, teaching students about the confluence of law and the metaverse.
With momentum snowballing the way that it has of late, don’t be surprised to find doctors hot on the tails of lawyers entering the metaverse.
