The Metaverse is a vague concept. It is considered to be the “next big thing” of the internet, the pinnacle of the blockchain-based, Web 3.0.
Extended Reality, or simply known as XR is the focal point of this technology, as it creates the perception of depth in a virtual environment that is surrounded by other virtual people and objects in real time.
Sound and vision, are the two senses that allow the users to navigate this virtual world. And of course, according to the user’s equipment, there are many ways to track real-life head and body movement.
It is the foundation that Web 3.0 is being built upon—a web of virtual worlds, where avatars can roam, meet other users and socialize.
The Metaverse is one of the most ambitious projects that have been made in the field of Virtual and Augmented Reality. A field that some decades or even years ago, was considered tacky and outdated.
However, as with every technology, there are some risks and some challenges.
Inside the Metaverse platforms, users can experience many different activities apart from gaming and socializing, such as financial transactions, with Bitcoin, Ethereum, and even NFTs.
How does that work? When a user purchases a virtual product, this transaction is recorded, verified, and settled in the blockchain, a decentralized platform that saves the purchase information of the user, which can’t be deleted or lost.
This, however, raises many legal concerns. The user’s purchase is dependent on contract law and not property law. What does that mean? Let’s say that someone purchased an NFT.
To use this NFT, a user’s permission is needed. Since the rules are still vague, there is a large concern for NFT fraud, malware, hacking, money laundering, illegal gambling, and copying of legally purchased NFTs.
To create an avatar, users are often required to give some biometric and emotional recognition. While in Europe, these private data do belong in the GDPR law, in other areas of the world there is no similar legal…
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