The word Meta comes from the Greek prefix and preposition Meta, which means after or beyond. Fusion with word Universe, emerges the word Metaverse, Meta + Universe = Metaverse, beyond or after, Universe, its seems to be the idea behind it, while coning this word, which is in virtual voyage these days. A concept of an online, 3D, virtual space connecting users in all aspects of their lives. It would connect multiple platforms, similar to the internet containing different websites accessible through a single browser.
14 July 2022
METAVERSE WILL IT BREAK THE BOUNDARIES OF THE VIRTUAL UNIVERSE AND GO BEYOND
The concept was developed in the science-fiction novel Snow Crash by Neal Stephenson. However, while the idea of a Metaverse was once fiction, it now looks like it could be a reality in the future.
The Metaverse will be driven by augmented reality, with each user controlling a character or avatar. For example, you might take a mixed reality meeting with an Oculus VR headset in your virtual office, finish work and relax in a block chain-based game, and then manage your crypto portfolio and finances all inside the Metaverse.
You can already see some aspects of the Metaverse in existing virtual video game worlds. The metaverse still doesn’t exist yet.
Gaming provides the 3D aspect of the Metaverse but doesn’t cover everything needed in a virtual world that can cover all aspects of life. Crypto can offer the other key parts required, such as digital proof of ownership, transfer of value, governance, and accessibility. But what do these mean exactly?
If, in the future, we work, socialize, and even purchase virtual items in the Metaverse, we need a secure way of showing ownership. We also need to feel safe transferring these items and money around the Metaverse. Finally, we will also want to play a role in the decision-making taking place in the Metaverse if it will be such a large part of our lives.
Due to information technology giants like Meta, Google, and Microsoft's interests in developing the Metaverse, regular people have begun to invest heavily in digital assets to ease their migration into this virtual world. This requires governments across all countries to take note of and plan for the influence of virtual realities on our future.
At present is are no laws to deal with such IT related behaviour, social and Financial.
Following are the legal and regulatory concerns:
• Security & Privacy
• Application of Anti-Trust & Competition Laws
• IPR Rights & Obligations
• Enforcement of Liability
• Jurisdictional Concerns
Impudent are the Society and Establishments who foresee and update their Laws and Admirations, beforehand, not the ones who wait for situation and then think ,what is to be done!