Looking to the future of a legal metaverse?

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This article was written by Louis Lehot, a business and technology attorney for Foley & Lardner LLP in Silicon Valley.

Originally coined in 1992 by Neal Stephenson, the term “metaverse” comes from his science fiction novel, Snow Crash, in which humans interact with each other through avatars represented in a three-dimensional virtual space.

As Matthew Ball, Amazon’s former head of content, put it, “the metaverse is a persistent, synchronous, living universe that spans both the digital and physical worlds with total inclusion.” It is described as a shared digital space where everyone can interact seamlessly in a simulated and immersive experience. It is the increasing permeability of the boundaries between different digital environments and the physical world. In the metaverse, you can interact with real-life virtual objects with real-time information. A mixture of what is virtual and what is real. A place where people come together to create, work and spend time together.

It should come as no surprise that tech giants are already integrated into the metavers. Games’ Fortnite, From Microsoft Minecraft, From Facebook Horizon, and many more are collaborating. In fact, Facebook’s Mark Zuckerberg set out his vision of transforming Facebook from a social media network into a “metaverse company” in five years. “This will be the successor to the mobile Internet,” Zuckerberg told shareholders this month. “You will be able to access metaverse from all different devices and levels of loyalty, from applications on phones and PCs to immersive virtual and augmented reality devices.”

How to get involved, work and play in the metaverse

The different types of activities that will take place in the metavers are unlimited. For example, think of COVID-19, where events such as happy hours, weddings, school classes, and work were increasingly taking place with users participating digitally regardless of their actual geographic location. The metavers offers the opportunity to take even more advantage of remote work. Virtual conferences and a myriad of tools specifically designed to facilitate the collaboration of distributed teams have already come into play.

The metavers will also offer fully immersive gaming experiences that will exceed ten times the current offerings of virtual reality products. It seems that gaming space is likely to play an important role in making the metaverse, as video games already possess some of the most robust computer processors available.

Invest in the metaverse

Companies are continually trying to increase the lead and keep us engaged and entertained.

The “metaverse” is the latest chapter in entertainment and its growing popularity means investors should at least be familiar with it.

Every day the sector grows. It’s not yet clear what the metaverse will look like, but according to research firm Strategy Analytics, the global metaverse could be worth $ 280 billion by 2025 and will likely grow from there. This market forecast amplifies the interest in metaverse companies that provide new ways to interact with users, which intersect with a world that passes inside and an increase in technological capabilities available to innovators .

With all the hustle and bustle surrounding the metaverse and the rapidly growing interest of leading industry leaders, investing in metaverse will no doubt increase. Becoming a pioneer of the new has borne fruit; Think of all the Bitcoin millionaires out there. As it stands, the metavers is shaping up to be the next big wave for investors. Investors, keep an eye on this space.

How does the legal system change the metaverse?

Metaversa is improving our legal and regulatory systems and asks us the question of who develops and enforces the rules.

Life is not a game, though. And when you apply old standards to new technologies, you’ll find yourself trying to put a square peg in a round hole. But here it goes:

  • Intellectual property: when one or more players in a virtual game collaborate to create a virtual good or a virtual world, who owns it? Do you have copyright? Is it possible to create, protect or enforce a brand within a virtual world? What strategies can content creators implement to protect their brands in the virtual world? This is particularly important for consumer-oriented companies.
  • NFT: we have all witnessed the valuable home industry created by symbolizing personalities and entertainment, sports and media teams by symbolizing non-expendable content. While today’s media focuses on the entertainment and media content that is symbolized in the metaverse, imagine when virtually entire towns, cities, regions, countries, and superstates are created, with the consequent explosion of content. In other words, we have only begun to see metavers marketed through NFTs. Are they values? Are they coins? Who rules? Who can buy? Who can negotiate?
  • Data protection and privacy: as humans spend more and more hours waking (and sometimes sleeping) on ​​the metaverse, who owns the resulting data? Who protects your identity? What if your information or identity is misappropriated? Who is responsible?

These are just examples of the many riddles that emanate from the question of who makes the rules and applies them. Some say there should be an attempt to adapt to metaverse within all legal systems. Others respond to the creation of a new legal system specially designed for the metaverse. While the metaverse holds great promise for traders and investors, without a system of design, enactment, and enforcement, it could be dangerous. For now, the metavers has been growing in a virtual sandbox. How long will this last? Until the first meta-tragedy that catches the public’s attention? Or will someone or something lead the position? The cryptographic world provides a valuable indicator of what happens when legislation remains fully decentralized.

Is a metaverse world far away?

A real metaverse maybe there are still a few years left. Meanwhile, Facebook and other pioneers are busy laying the groundwork for a future that allows families, friends, co-workers and more to come together and interact in shared digital spaces that look authentic. Digital currencies will also be essential.

The metaverse world is at stake and what exists separately is gradually coming together. The technology is not yet competent enough to support this integrated metaverse, and the reality of its adoption could be short-lived. However, the metaverse has the support of billionaires, talented game designers, and the only rival of the metaverse is life itself.

Louis Lehot it is a emerging growth company, venture capital and mergers and acquisitions lawyer a Foley and Lardner in Silicon Valley. Louis spends his time providing entrepreneurs, innovative companies and investors with practical and commercial legal strategies and solutions at all stages of growth, from the garage to the global.


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