February 15, 2023

World Government Summit Highlights Governance in Metaverse

World Government Summit Highlights Governance in Metaverse Featured Image

The World Government Summit (WGS), in cooperation with management consulting company Arthur D. Little, released a report titled “Governing the Metaverse.”

The report included key policy recommendations to enhance the metaverse governance and highlighted opportunities offered by the metaverse in the areas of education, healthcare, energy, utilities, healthcare, and manufacturing, according to WAM news agency.

The report called on the governments and regulators to deal with the non-centralized nature of the Metaverse across Web3 technologies by outlining standards of multi-sourced data and legislation.

It urged government officials to pay attention to several priorities, including standards as the governments play a key role in ensuring that these standards should allow maximum participation. The report mentioned the importance of issuing laws and regulations to promote user and data protection to encourage more people to participate and invest in the metaverse.

According to the report, governments should outline policy mechanisms and launch initiatives to accelerate the development and adoption
of the metaverse. It also highlighted the necessity of the government’s participation in setting up metaverse-related infrastructure through incentive programs or participation with the private sector.

Commenting on the report, Managing Partner at Arthur D. Little Middle East Thomas Kuruvilla said: “The report is launching at a key moment in time as disruptive technology is now finally being transmuted to the benefit of society, triggering investment along the way for dynamic exchanges to last long term.”

A metaverse is a network of three-dimensional virtual environments focusing on social interaction. It may be characterized as a digitally simulated world. It utilizes blockchain, augmented reality, and virtual reality (VR), combined with social media principles, to develop venues for extensive user communication that imitate the real world.

The metaverse is an encompassing word for technologies that aid in creating a whole digital world similar to the real one. This universe can be incredibly comprehensive and encompass a broad range of various planets, sometimes referred to as virtual environments.

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