Metaverse governance becomes an issue at the World Government Summit (WGS)

In a report presented by a consultancy firm at the event, titled “Governing the metaverse”, or “ruling the metaverse”, a series of significant opportunities were presented to leaders. According to the consultancy Arthur D. Little, areas such as energy and utilities, healthcare and manufacturing, and education can be influenced by virtual environments and augmented reality.

The document also presents the need to stipulate regulatory bodies and legislation for these decentralized communities that emerge from web3. Also according to the report, the metaverse can have an impact on pillars such as health and education, reducing costs and facilitating access. 

Government actors must keep in mind some essential guidelines for the metaverse:

• 1. Standards: Although still at an early stage, the industry itself is leading the development of Metaverse standards. Governments have a role to play in ensuring that these standards allow maximum population participation.
• 2. Laws and regulations: The introduction of appropriate laws and regulations to protect users and data will be vital to encourage participation and investment in the metaverse by consumers and industry participants.
• 3. Policies and incentives: Governments should consider where political mechanisms and incentives are needed to drive the development and adoption of the metaverse, and on this front, several governments are already taking action.
• 4. Infrastructure: Given that the necessary infrastructure does not currently exist, efforts to build it will be critical to the development of the metaverse. Here, governments have a role in supporting infrastructure development through subsidies, incentive programs or other appropriate partnership models with the private sector.

The executive president of the World Economic Forum, Klaus schwab, is also at the event, and there he commented on the adoption of new technologies and this new moment in the internet. According to him: 

“A few years ago, we considered some technologies to be science fiction that was difficult to implement, but today it has become a reality that we live through artificial intelligence, new space technology and industrial biology, which heralds a major change that is coming during the next 10 years, and requires governments to be ambitious in their decisions”, he adds.

Thomas Kuruvilla, managing partner of the consultancy firm that produced the report, says the document “is being released at a key time, as disruptive technology is finally being transmuted for the benefit of society, triggering investment along the way to that dynamic exchanges last for the long term”.

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