Leaders in the Web3 space came together at the World Economic Forum in Davos to discuss the first outputs from the “Defining and Building the Metaverse” initiative.
Over the past year, the metaverse has become a buzzword in and outside of the Web3 world. In addition, development in the metaverse has remained difficult compared to the general chaos of this scattered space. It is also a hot topic at the World Economic Forum (WEF) 2023 in Davos, Switzerland. The WEF created its own initiative, “Defining and Building the Metaverse”, with the participation of more than one hundred and twenty participants, which held a press conference on January 1. 18.
The WEF has published the first two documents of this plan, which deal with relationships, governance, and the role of consumers in the future. Huda Al Hashimi, one of the panelists and deputy minister of planning in the United Arab Emirates (UAE), described the future of the metaverse as an opportunity to break down social barriers and not repeat the same problem.
“We have to ask ourselves why we are still stuck in the places we want to go. We believe that progress will happen.
Especially when it comes to government agencies creating their presence in digital reality, Hashimi says that this vision has changed the role of regulators.
“We also found that regulators will act more like judges than gatekeepers. This course of action will definitely take priority in policymaking.
Various governments around the world have explored the metaverse. The UAE has launched a government-backed metaverse community as one of its many digital reality initiatives. The Norwegian government office has opened a metaverse branch to manage the next generation of users.
Cathay Li, the director of shaping the future of media, entertainment, and sports and a member of the Executive Committee of the World Economic Forum in Geneva, said that law and natural value are two key issues that must be understood for the truly useful for users. . “There are huge economic and social benefits here. But if it is not organized, there may be privacy, security, and safety issues.
Li said the metaverse shouldn’t see the “end state” of all the work and development going on right now. Rather, it should be viewed as a “continuous digital transformation” of the human experience into a digital reality.
In addition to governance concepts, parliamentarians touch on collaboration and user data production within the metaverse. Siu Yat, the founder, and CEO of Animoca Brands said that digital property rights are critical for important relationships and the next evolution of the metaverse. He said:
“If you don’t have legal rights, you can have digital freedom – freedom to interact because it’s still accepted. I think that’s the basis for a mutually beneficial partnership.
All three teams have a five-year vision for the Metaverse that is integrated into the daily lives of many people and a clear governance structure. “The Metaverse is going to be a part of our lives whether we like it or not,” Hashimi said. Yat concluded by pointing out that reforms in the near future will also create new economies, which may be in all countries.
“A new national economy will emerge from the metaverse, as a truly virtual society due to the benefits of all trade and commerce taking place within it.”
He pointed out that with stronger digital infrastructure, workers will be able to participate in this new digital economy. Recently, McKinsey reported that the metaverse could generate $5 trillion in value over the next seven years.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up