Experts believe regulating the metaverse would be like trying to govern an ungovernable force. Besides, can you regulate a virtual reality space that hasn’t been invented yet? Well, the truth is that the metaverse is bound to open up new commercial opportunities.
Regulation and Predicting the Metaverse
Naturally, legislators and regulators want to be at the forefront to regulate the newest step of evolution since the internet. Technically, it is hard to predict the future of the metaverse and what it will look like in the next decade. Nonetheless, regulators have started to take metaverse virtual realities seriously.
For instance, the European Commission assures it is aware of the mechanics of the metaverse and how it might change the way people buy items in a digital space. But the commission hints that there is a good chance regulatory frameworks like Digital Services Act and Digital Markets Act will be part of the metaverse.
Identifying Risks, Challenges, and Opportunities of the Metaverse
Since a long list of use cases is attached to the metaverse, the conceptualization of the metaverse still has a long way to go. In this context, it makes it difficult to identify challenges, risks, and opportunities that would come with this new world. Experts believe that no matter how the metaverse is defined, there are bound to be economic and social issues.
In terms of ideas, technical experts often get caught in an exhaustive list of ideas. Some experts, however, understand that the metaverse will create first-of-its-kind mediation spaces. Consequently, it will help people develop sensory interactions. In all fairness, the metaverse would plunge the digital space as we know it into the absolute unknown.
Using Specially Designed Regulatory Framework
However, a comprehensive and specifically designed regulatory framework may mitigate some of the after-effects of the metaverse. In any case, the burden of responsibility lies on companies to design and integrate responsible technologies right from the start. It is the best way to avoid a long-lasting impact on the economic and social order.
Control Measures for the Metaverse
To make the metaverse a viable place to conduct business activities and interact, there have to be dedicated controls to safeguard users from fraud, loss, and abuse. But regulation takes a lot of time and it would be difficult to enforce changes across the globe. Still, metaverse builders can gradually take initiatives to create a constructive Meta code conduct.
The Metaverse is Already Here!
In 2022, the metaverse is no longer a figment of imagination or something you would only expect to see in a Sci-Fi movie. The futuristic VR and AR are already here to render the new type of experiences. But as far as responsibility goes, adults have to take into account potential threats and risks attached to the metaverse and how it would impact businesses and individual consumers. In the quest to make the metaverse viable, architects and regulators of virtual spaces will have to work together to ensure all the safety measures for users.