Should regulators be more careful than ever? – Observer

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Many science fiction books, comics, games and movies are in another digital world, indistinguishable from the real and physical world. As can be seen from the current use of technology, they have not gone beyond that, that is, fiction.

In fact, given the low technology applications in this area (at least, those that have been released to the public), virtual space is now more common with more electronic devices. rather, speak well, with real life.

Currently, people are affected by websites / computers that interact with social media platforms (such as Facebook, Instagram or Twitter) or through multiple platforms for instant messaging and voice calling (e.g., for example, Whatsapp or Telegram).

Thus, perhaps due to the stress of expectation created by fiction, interest in commercial products interacts with virtual (such as Second Life) or augmented (by Google Glass, e.g. limited) in fact usually ephemeral.


However, this time, the situation seems different.

Many entrepreneurs and companies in the technology industry have expressed interest in creating a virtual world that, by all means, can mean the next stage of development. fix the internet itself.

On October 28, 2021, by the announcement of his Facebook page dubbed the Founder, Marc Zuckerberg announced a change in his company, specifically for “Facebook, Inc.” for “Meta Platforms, Inc.” As a result, the brand name was changed from “Facebook” to “Meta”.

This trade strategy, that is, this change, in addition to the change in listening to recent tensions from regimes (both in the US and in the EU), also bring the same assumptions to the company’s new values: virtual reality creation, that is, metaverse.

Facebook’s investment in the development and sale of virtual reality headsets dubbed Oculus Quest is an example of this new milestone.

Timothy D. Sweeney, founder and CEO of Epic Games, Inc., a game development company (Fortnite is well known), also promotes the development of the metaverse, giving rumors about Mark Zuckerberg announcement.

Online multiplayer electronic games, such as Fortnite, have been providing collaborations and discussions around the world for decades. Although they are not metaverses, there are some similar principles. Many things have happened in recent years (especially in the last two years, due to the use of restricted restrictions by the COVID-19 spread everywhere) , Fortnite has expanded its products through concerts, events to promote titles, etc., all through their own digital world.

Regarding the limitation of the need to close, everything shows that they also lead to recognition and effort of interest and development of this phenomenon. With the insignificance of working over the phone, or even away classes, the opportunities for online chatting seem to be even more valuable.

But not only. Just think of the kind of situation that, when COVID-19 was ubiquitous, was caused by video conferencing, with many participants far away, regardless of their location. From birthdays, to sports or other sports, weddings and even litigation.

As if that were not enough, the use of 5G mobile and broadband networks (which reduces latency), as well as the communication around the possible exchange of physical benefits with legal for digital benefits (which facilitate virtual business), they. also seems to lead to a strong trend in the development of this phenomenon.

The metaverse concept has become a buzzword in the industry and technology. But, after all, what does this concept mean and, in addition, what are the legal issues that, more than ever, should favor regulators?

Regarding the first question, it seems that we are dealing with a broad concept. Typically, it consists of a virtual space or configuration and shared space (commonly referred to as digital / virtual worlds / environments), which users, represented by 3D avatars, can access and access. interference from their headset (and other compatible devices), through the availability of internet access. These facilities include virtual reality applications (virtual reality – VR) and / or augmented reality (Augmented Reality – AR).

Unlike current virtual devices, which are mostly used for electronic gaming, the complete technology can be used to test any situation involving the physical world. , from workouts, to concerts, online cinema or even just enjoying some time with friends.

The goal is to remove the boundaries between the physical world and virtual reality, allowing users to interact with virtual objects through the physical world and repeat, thus able to complete data in time.

Regarding real-time data, it should be noted that the exchange also includes the use of blockchain technology, with consumers being able to buy and sell non-standard goods. -fungible cryptoassets (often referred to as digital or virtual assets, such as, for example, non-fungible crypto assets). dubbed digital collections), can be used by headsets and end devices.

Within the scope of the blockchain-based virtual world, with a virtual economy, cryptoassets emerge from blockchain technology, in addition to allowing digital representation of fungible financial products (e.g. figures or even company shares), also allows digital. representing non-fungible non-financial products (NFTs), even if they are complex assets, for example material and physical (e.g. buildings or furniture, such as cars or pictures), whether they are commercial goods, for example non-valuables or digital assets (such as computers, digital art – digital collections, or even virtual real estate). The possibilities are seemingly limitless.

In essence, with the use of the metaverse, new online sites are created (which, over time, will be more profitable and sought after), which users can engage in in a variety of ways. , that is, not just looking at content, they can access themselves in digital content through digital representation.

Which leads us to the second question, that is, what are the legal issues that, given above, are more than ever supposed to favor regulators. In this case, there are, among many others, questions related to legal differences and various roles of work, such as, for example, related to heritage, data protection and with the NFTs themselves.

First of all, consider that in a given virtual reality, in a given virtual space, two or more content creators, or just users, participate. hand and contribute to the creation of an asset in a digital space or even to the creation of another digital. somewhere. Who is the intelligent (or virtual?) Owner of this asset or site and under what terms? Are your rights protected? Also, can it create, protect and publish names in the virtual world? What are the procedures that developers / users can use to protect their reputation in the virtual world?

On the other hand, since people would like to spend most of their lives (whether asleep or asleep) in the metaverse, who would have the information resulting from their activities?

Who is responsible for personal protection and privacy?

What if our information or personal information is not used properly?

Who is responsible and under what terms?

Until now, we have only had the opportunity to see the creation and publication of some crypto-tools related to some and the specific functions of the industry.

Consider that, in the short term, a kind of virtual community connection is created and, with that, crypto assets are created and turned out that, in a virtual way, stand body for all possible and existing products, city, region, country or the whole world. . and all links. In the context of this virtual world, who can be legalized? That is, who can buy and sell? Is it a way to pay for cryptocurrencies? Are there financial tools? Who manages this virtual world?

These are questions that, among many others, are posed and that, for now, have not been answered or with questionable answers.

As is well known, administrators should monitor the advancement of new technologies, especially with regard to the safety and security of human life and business. rule itself.

This observation is (or is required), in most cases, in an attempt to demonstrate and understand the functioning and variability of the issues and legal implications that result from These new technologies.

In this sense, some argue that the change should only be made within the existing legal process. But there are also those who say that a law should be enacted to regulate the metaverse.

Everything shows that, however, administrators are looking to take control of the job as well as the job led by the disadvantages of blockchain technology and Bitcoin, that is, they began to look for thinking and understanding.

It remains to be seen how long he will be able to hold this position. Perhaps, to the day when the media reports some “misery” related to the change, which has caused a great deal of public outcry and, with that, caused some outcry. political leaders. Or will someone, by their profession, cause this vaccine?

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