Governments, Companies Will Have To Develop Standards, Rules For Metaverse – Davos Panel

Source: AdobeStock / Tierney


The metaverse creates a variety of possibilities for users and firms, but companies and governments will require to generate rules governing transactions and content, based on the participants of the panel held in this year’s edition from the World Economic Forum in Davos.

The panel, Shaping a Shared Future: Making the Metaverse, featured a variety of thoughts about the possibility implications from the metaverse and also the roll-from the extended reality (XR) ecosystem for that world’s consumers and also the companies that focus on their demands.

Philip Rosedale, founding father of Linden Lab, the organization behind the virtual world Second Existence, stated the metaverse experience will have a positive effect on societies as it may bring different groups within common algorithm and values.

Second Existence has always considered itself like a country,” Rosedale stated and added: 

“[A]nd I believe that, in the same manner because the United nations emerged … we’ll collapse right into a more singular algorithm for ip, privacy.” 

Omar Sultan Al Olama, the Minister of Condition for Artificial Intelligence, Digital Economy and Remote Work Applying the Uae, stated the metaverse could help as a kind of bridge that, until very lately, could have been hard to grasp. 

However, the metaverse can also be prone to introduce various risks, as transactions processed through it might still need be supervised by governments to make sure that users get the digital assets they purchase.

“If you have to pay for your [product], someone must enforce that,” he stated. “People want to visit the metaverse to see content they’ve never witnessed before … and we have to build some guidelines.”

Chris Cox, Chief Product Officer at Facebook’s owner Meta Platforms, stated that firms that offer their services and products with the metaverse must also be exposed to a kind of content rating system like the ones implemented within the music and movie industries.

“You want worldwide standards, specifically for stuff that are mix-border, for example terrorism content,” based on Cox. “You want companies to obtain their own community standards, to define their very own rules … in compliance with worldwide laws and regulations, as well as condition laws and regulations.”

Peggy Manley, Chief executive officer of virtual reality business Magic Leap, believes the metaverse offers an chance to reinvent a few of the premises that govern the web.

“We should explore all individuals things now due to what we should learned previously,” she stated.


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