The Metaverse economics and Meta-laws

Silberman

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Quote from: cheezcarls on January 29, 2022, 09:29:57 AM

The metaverse reminds us of the movie called “Ready Player One” where it shows us the glimpse on what our future economy would be, especially when it comes for the government to regulate this industry.

On the other hand, Wion News’ correspondent Palki Sharma mentioned that 2022 is going to be the year of the metaverse, but on her final statement she said that it is an “imprisoned reality”.

Metaverse is still on it’s early stages and we don’t know how it can make an impact to our lives over the next few years or so. It’s just that our world nowadays is evolving and adopting so fast in this new kind of reality.

I know that right now it is difficult to see how the metaverse could be applied and be used to solve some of the issues that we are having but the same could have been said about the Internet and now it is an integral part of ourselves, so I think something similar is going to happen here and soon enough people are going to use the metaverse for all kind of things on our lives that I would not be surprised that in just a decade it is impossible to understand our lives without it.

cheezcarls

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Quote from: paxmao on January 17, 2022, 10:33:05 AM

I just dropped an specific topic on the Gambling Discussion board, but I think the issue is far wider. As many of you are aware, Facebook, now rebranded Meta, has effective plans to invest a very significant amount of money on the "Metaverse" to become the leader in this innovative area of human experience and interaction.

Whoever succeeds and becomes the dominant meta-platform (call it Roblox, Meta or however is there) is very likely to use crypto, NFT and some form of governance. My question to the forum is what do members think that will be the regulations inside the Metaverse? Who set the law (government, the company, both, the users,...)? Who and how decides the "punishment" or penalties for missuse? How do they deal with privacy?

The Metaverse seems full of legal, philosophical and economic questions yet to be answered.

The metaverse reminds us of the movie called “Ready Player One” where it shows us the glimpse on what our future economy would be, especially when it comes for the government to regulate this industry.

On the other hand, Wion News’ correspondent Palki Sharma mentioned that 2022 is going to be the year of the metaverse, but on her final statement she said that it is an “imprisoned reality”.

Metaverse is still on it’s early stages and we don’t know how it can make an impact to our lives over the next few years or so. It’s just that our world nowadays is evolving and adopting so fast in this new kind of reality.

jostorres

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Quote from: lixer on January 28, 2022, 06:38:06 AM

It is still kinda new so yeah there are uncertainties. It is still new, that is why so many big investors are grabbing the opportunity and because they also saw a big potential with it but this did not mean that small players cant join the game but in fact we can also benefit from this once they already build a platform (thanks to the investors money).

When it comes to laws and regulation, I think it the one that can set that is the owner and for the punishment, I think it will be the same as what other projects but for the privacy matters, I think we will have more privacy here because this is metaverse and metaverse is something that deals with decentralization just like cryptos.

The problem with this train of thought is that if we let it be regulated after a while when it gets more popular, then we are going to get governments involved. Do we really want that?

I personally do not want something like that. Let it be a chaotic place where private ownership decides what is allowed and what is not allowed. They have the right to just close down ones account if they so wish to, you can't stop them from buying NFT but you can stop them from showing bad stuff, they "show" it themselves on the screen, even if it is the NFT someone owns, it could be censored.

I know many people will say "but muh free speech!!" but you enter a freedom of speech against the government, not against each other. So, if a company wants to censor you, they can, without a problem, because it is their platform and they do not want you to say certain things.

lixer

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Quote from: naira on January 21, 2022, 03:35:33 PM

Quote from: paxmao on January 17, 2022, 10:33:05 AM

The Metaverse seems full of legal, philosophical and economic questions yet to be answered.

Metaverse policies are still in the shadows of uncertainty. It's kind of like the world the big investors are coming in and we'll still be sticking users by the side. But at first glance, I think the impact will not be too supportive of the economy of the middle to lower class people. A metaverse is just a place of business for big companies to set up 3D online stores and sell some expensive NFT collections. I don't think it will have much of a big impact on our economy, except for investors and companies that will make more money.

It is still kinda new so yeah there are uncertainties. It is still new, that is why so many big investors are grabbing the opportunity and because they also saw a big potential with it but this did not mean that small players cant join the game but in fact we can also benefit from this once they already build a platform (thanks to the investors money).

When it comes to laws and regulation, I think it the one that can set that is the owner and for the punishment, I think it will be the same as what other projects but for the privacy matters, I think we will have more privacy here because this is metaverse and metaverse is something that deals with decentralization just like cryptos.

Silberman

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Quote from: paxmao on January 17, 2022, 10:33:05 AM

I just dropped an specific topic on the Gambling Discussion board, but I think the issue is far wider. As many of you are aware, Facebook, now rebranded Meta, has effective plans to invest a very significant amount of money on the "Metaverse" to become the leader in this innovative area of human experience and interaction.

Whoever succeeds and becomes the dominant meta-platform (call it Roblox, Meta or however is there) is very likely to use crypto, NFT and some form of governance. My question to the forum is what do members think that will be the regulations inside the Metaverse? Who set the law (government, the company, both, the users,...)? Who and how decides the "punishment" or penalties for missuse? How do they deal with privacy?

The Metaverse seems full of legal, philosophical and economic questions yet to be answered.

While the rush to see who will be the first to release the best platform for this is on, at the same time it will follow what we have seen in the development of many other technologies, when the Internet was on the early stages before search engines existed and web browsers were just being developed it was like the wild west, but eventually the governments and private companies have come to an agreement that benefited them and it allowed them to mine as much data as possible from their users, and I think something similar could happen with the metaverse, with the difference that the invasion to our privacy will be even greater than what we see now.

Similificator

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Quote from: hyudien on January 21, 2022, 12:39:03 PM

Quote from: Similificator on January 21, 2022, 11:46:08 AM

Quote from: paxmao on January 17, 2022, 10:33:05 AM

I just dropped an specific topic on the Gambling Discussion board, but I think the issue is far wider. As many of you are aware, Facebook, now rebranded Meta, has effective plans to invest a very significant amount of money on the "Metaverse" to become the leader in this innovative area of human experience and interaction.

Whoever succeeds and becomes the dominant meta-platform (call it Roblox, Meta or however is there) is very likely to use crypto, NFT and some form of governance. My question to the forum is what do members think that will be the regulations inside the Metaverse? Who set the law (government, the company, both, the users,...)? Who and how decides the "punishment" or penalties for missuse? How do they deal with privacy?

The Metaverse seems full of legal, philosophical and economic questions yet to be answered.

Great topic to talk about.

It seems to me that we can only speculate on who or which group of people will be part of the governing body of the metaverse or anything like the sort in the future. And I believe that on the way to making the final decision for the core members of the governing body will be messy because a lot of parties or individuals will aim for this type of power.

Only by the time though that the governing body is decided is when we will he able to have an insight of what type of laws or rules will he present in the metaverse etc.

Regarding the laws or rules in the Metaverse, there are still very few formalizations. We're still in the news that it's unclear where this will move in the future. but what is certain is that Metaverse is the largest platform and also has a high financial nest, so the role of the government will include providing regulations that are later centralized and difficult to secure privacy for each user.

Regarding the control group, they are those who have already invested heavily in the development of the Metaverse. Over time the existence of a certain group always benefits and will control 50% of the finances in the Metaverse. Taxation and regulation must be a point for the government to receive multiple benefits compensation.

Indeed it is still in such a young phase and that despite this being the fact, some existing laws can be used.
The only thing that worries me though are the personal interests of the parties that have power in making decisions regarding things about the metaverse. If greed and selfishness reigns over I pity the small plebs like me not being able to maximize on the opportunities that this new thing can offer. Still though, it is indeed better than nothing.

famososMuertos

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To go to the "verse" of the matter, I think that the metaverse with the adherence of facebook is centralizing in the number of users and that is the innovation of the metaverse, because in its technology it is not that it is a novelty, the truth has not been successful, augmented reality has captivated a niche of followers, even the industry has made (continues) attempts to market itself in an innovative but unsuccessful way.

There is a lot of expectation, but the reality is that the metaverse should have autonomy in its own users, but such a thing is not so in the final decision, so everything is governed by ToS. (imo)

naira

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Quote from: paxmao on January 17, 2022, 10:33:05 AM

The Metaverse seems full of legal, philosophical and economic questions yet to be answered.

Metaverse policies are still in the shadows of uncertainty. It's kind of like the world the big investors are coming in and we'll still be sticking users by the side. But at first glance, I think the impact will not be too supportive of the economy of the middle to lower class people. A metaverse is just a place of business for big companies to set up 3D online stores and sell some expensive NFT collections. I don't think it will have much of a big impact on our economy, except for investors and companies that will make more money.

jaberwock

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Quote from: NeuroticFish on January 21, 2022, 04:49:15 AM

I think that there can be quite a difference between a "wild-wild-west" style mining/harnessing user data and the later, regulated one. The first comers will have a huge (unfair) advantage in the market (if they don't already have it).
FB is still finding lame excuses for their "wild-wild-west" approach over user data through their entire history, while even now, after quite some regulations, they don't know how (nor want) to get do the things right, hence paying pretty big fines (imho far too small compared to the money they receive from 3rd parties for these "mistakes").

Obviously laws regarding something new will always lag behind, but at the same time they will be shown as "similar" to something else to get a judge to decide. So, let's assume that metaverse is similar to games, well then whatever laws were present for games will be same for metaverse until a new law comes out.

Obviously game money that you get, wow gold or something like that, do not worth too much, you need to have a lot to actually mean something, whereas metaverse has real tokens and coins which do worth something serious, so the laws are still lacking for sure. We just need time for laws to get ready and shown and happen in few cases to know where the law stands for these cases.

hyudien

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Quote from: Similificator on January 21, 2022, 11:46:08 AM

Quote from: paxmao on January 17, 2022, 10:33:05 AM

I just dropped an specific topic on the Gambling Discussion board, but I think the issue is far wider. As many of you are aware, Facebook, now rebranded Meta, has effective plans to invest a very significant amount of money on the "Metaverse" to become the leader in this innovative area of human experience and interaction.

Whoever succeeds and becomes the dominant meta-platform (call it Roblox, Meta or however is there) is very likely to use crypto, NFT and some form of governance. My question to the forum is what do members think that will be the regulations inside the Metaverse? Who set the law (government, the company, both, the users,...)? Who and how decides the "punishment" or penalties for missuse? How do they deal with privacy?

The Metaverse seems full of legal, philosophical and economic questions yet to be answered.

Great topic to talk about.

It seems to me that we can only speculate on who or which group of people will be part of the governing body of the metaverse or anything like the sort in the future. And I believe that on the way to making the final decision for the core members of the governing body will be messy because a lot of parties or individuals will aim for this type of power.

Only by the time though that the governing body is decided is when we will he able to have an insight of what type of laws or rules will he present in the metaverse etc.

Regarding the laws or rules in the Metaverse, there are still very few formalizations. We're still in the news that it's unclear where this will move in the future. but what is certain is that Metaverse is the largest platform and also has a high financial nest, so the role of the government will include providing regulations that are later centralized and difficult to secure privacy for each user.

Regarding the control group, they are those who have already invested heavily in the development of the Metaverse. Over time the existence of a certain group always benefits and will control 50% of the finances in the Metaverse. Taxation and regulation must be a point for the government to receive multiple benefits compensation.

Similificator

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Quote from: paxmao on January 17, 2022, 10:33:05 AM

I just dropped an specific topic on the Gambling Discussion board, but I think the issue is far wider. As many of you are aware, Facebook, now rebranded Meta, has effective plans to invest a very significant amount of money on the "Metaverse" to become the leader in this innovative area of human experience and interaction.

Whoever succeeds and becomes the dominant meta-platform (call it Roblox, Meta or however is there) is very likely to use crypto, NFT and some form of governance. My question to the forum is what do members think that will be the regulations inside the Metaverse? Who set the law (government, the company, both, the users,...)? Who and how decides the "punishment" or penalties for missuse? How do they deal with privacy?

The Metaverse seems full of legal, philosophical and economic questions yet to be answered.

Great topic to talk about.

It seems to me that we can only speculate on who or which group of people will be part of the governing body of the metaverse or anything like the sort in the future. And I believe that on the way to making the final decision for the core members of the governing body will be messy because a lot of parties or individuals will aim for this type of power.

Only by the time though that the governing body is decided is when we will he able to have an insight of what type of laws or rules will he present in the metaverse etc.

Gozie51

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Quote from: odolvlobo on January 18, 2022, 01:29:46 AM

"Metaverse" is just a rebranding of "cyberspace". There is nothing new about it.

You can find that here

I was searching online to see if metaverse is a totally new innovation probably from mark zugerberg but no it is not. It is a rebranding that zugerberg himself confirmed from above quote.

There if we have used different technologies to support human life as a result of higher knowledge and capacity as homo sapiens to subdue our environment against other animals then metaverse is just one of the phone calls to voice note and to video calls , desktop to labtops to web to mobile, text message to mmm (multi media message) to videos. Grin

.It is a creation of our world.

And as @ Charles Tim submitted from the question from Op, it is going to be subjected to government regulation just as all the list in technological process and progress in human life above but only bitcoin is free from regulation because it is decentralised and uncontrollable.

Don't doubt, remember Nigerian government effectively banned twitter from operating in the Nigerian space for political reason and have lifted the ban this month also for political reason (election is approaching after all Grin

).

So as well, metaverse can be delimited.

tygeade

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Quote from: paxmao on January 17, 2022, 10:33:05 AM

Whoever succeeds and becomes the dominant meta-platform (call it Roblox, Meta or however is there) is very likely to use crypto, NFT and some form of governance. My question to the forum is what do members think that will be the regulations inside the Metaverse? Who set the law (government, the company, both, the users,...)? Who and how decides the "punishment" or penalties for missuse? How do they deal with privacy?

The Metaverse seems full of legal, philosophical and economic questions yet to be answered.

The Metaverse have series of unanswered questions and this is because it is still a new and young growing aspect of the crypto space and I believe with time all this questions are going to be answered. I think the company should create the rules that guides the metaverse since it is their creation they will know better. But, in terms of privacy it should remains decentralized as possible if not the whole idea will die before it even gets to maturation.

Fortify

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Quote from: paxmao on January 17, 2022, 10:33:05 AM

I just dropped an specific topic on the Gambling Discussion board, but I think the issue is far wider. As many of you are aware, Facebook, now rebranded Meta, has effective plans to invest a very significant amount of money on the "Metaverse" to become the leader in this innovative area of human experience and interaction.

Whoever succeeds and becomes the dominant meta-platform (call it Roblox, Meta or however is there) is very likely to use crypto, NFT and some form of governance. My question to the forum is what do members think that will be the regulations inside the Metaverse? Who set the law (government, the company, both, the users,...)? Who and how decides the "punishment" or penalties for missuse? How do they deal with privacy?

The Metaverse seems full of legal, philosophical and economic questions yet to be answered.

The metaverse, like any other virtual space, is governed by the laws of the country of the participants or wherever the servers are based - depending on what type of criminality is being discussed. Any players within the supposed metaverse (how is the world getting closer to the Matrix every day?) would simply sign up to and be required to follow a terms of service. It doesn't seem to present any sort of legal or economic questions as you suggest. If someone were to hack into the servers, that person would be prosecuted. If someone were to sell drugs via a virtual marketplace, they would be subject to laws in whatever country they are based. We see in certain countries like Russia that internet crimes are rarely prosecuted when the benefit the leadership, so certain things might be ignored and other things might be prosecuted if a Russian person was involved - it really changes country to country on how they can be handled.

Wind_FURY

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Quote from: odolvlobo on January 18, 2022, 01:29:46 AM

"Metaverse" is just a rebranding of "cyberspace". There is nothing new about it.

I believe it’s the same with “Web3”. What actually is Web3? Another rebranding, by some entities, to run a narrative and for people to ride that bandwagon for the entities to make billions.

Quote from: paxmao on January 17, 2022, 10:33:05 AM

Whoever succeeds and becomes the dominant meta-platform (call it Roblox, Meta or however is there) is very likely to use crypto, NFT and some form of governance. My question to the forum is what do members think that will be the regulations inside the Metaverse? Who set the law (government, the company, both, the users,...)? Who and how decides the "punishment" or penalties for missuse? How do they deal with privacy?

The Metaverse seems full of legal, philosophical and economic questions yet to be answered.

I believe incentivization, and reputation scores within the “metaverse” would be one idea to make users behave accordingly.

NeuroticFish

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Quote from: The Sceptical Chymist on January 20, 2022, 03:40:21 PM

Quote from: NeuroticFish on January 17, 2022, 10:49:51 AM

My feeling is that this kind of companies are pushing this metaverse idea so hard exactly because it will be a good "platform" for advertising, mining user information, do all "wild west" things for a while until the point it gets regulated.

Why else would corporations be interested in something like the metaverse (which I confess I don't completely understand)? They sure aren't getting involved for charitable purposes, and while monetary profit is no doubt one of their aims, I think you're absolutely right that they're looking to squeeze as much personal information out of people as possible.

Personal data is almost better than cash to companies like Facebook, since the more they know about you the more efficiently they can target all that bullshit advertisement.

Well, I think that there can be quite a difference between a "wild-wild-west" style mining/harnessing user data and the later, regulated one. The first comers will have a huge (unfair) advantage in the market (if they don't already have it).
FB is still finding lame excuses for their "wild-wild-west" approach over user data through their entire history, while even now, after quite some regulations, they don't know how (nor want) to get do the things right, hence paying pretty big fines (imho far too small compared to the money they receive from 3rd parties for these "mistakes").

lixer

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Quote from: paxmao on January 17, 2022, 10:33:05 AM

I just dropped an specific topic on the Gambling Discussion board, but I think the issue is far wider. As many of you are aware, Facebook, now rebranded Meta, has effective plans to invest a very significant amount of money on the "Metaverse" to become the leader in this innovative area of human experience and interaction.

Whoever succeeds and becomes the dominant meta-platform (call it Roblox, Meta or however is there) is very likely to use crypto, NFT and some form of governance. My question to the forum is what do members think that will be the regulations inside the Metaverse? Who set the law (government, the company, both, the users,...)? Who and how decides the "punishment" or penalties for missuse? How do they deal with privacy?

Regular gaming laws would probably be enough. I mean do you end up doing something illegal in world of warcraft? You don't, you can't, you can do fantasy stuff like be an Orc if you want, but you can't just write or say or show anything illegal there.

Is it possible to be a drug dealer and create a world of warcraft account and publicly state that you are selling drugs and their prices and your contact? Of course not, they will catch you and throw you in jail and you can't just say "I was joking, it was a game!!" because they will contact you asking to buy and then catch you that way. All in all I have to say that there is nothing wrong with metalaws, just act as if it is a game and you will be fine.

The Sceptical Chymist

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Quote from: NeuroticFish on January 17, 2022, 10:49:51 AM

My feeling is that this kind of companies are pushing this metaverse idea so hard exactly because it will be a good "platform" for advertising, mining user information, do all "wild west" things for a while until the point it gets regulated.

Why else would corporations be interested in something like the metaverse (which I confess I don't completely understand)? They sure aren't getting involved for charitable purposes, and while monetary profit is no doubt one of their aims, I think you're absolutely right that they're looking to squeeze as much personal information out of people as possible.

Personal data is almost better than cash to companies like Facebook, since the more they know about you the more efficiently they can target all that bullshit advertisement.

Quote from: odolvlobo on January 18, 2022, 01:29:46 AM

"Metaverse" is just a rebranding of "cyberspace". There is nothing new about it.

Yeah, I was watching some videos on good ol' YT and I heard that fact mentioned. As I said above I'm pretty ignorant of what the metaverse is exactly, and I wouldn't have known it didn't come zipping straight out of M. Fuckerberg's brain had I not been made aware of that fact. Seems sort of like a very hostile takeover of old, publicly-available tech, being rebranded by an evil company for sinister purposes. Think that's being overwrought? MZ is worse than every single Google employee put together.

paxmao

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Quote from: hatshepsut93 on January 17, 2022, 04:03:11 PM

Metaverse is nothing but hype. Basically Facebook the site is not doing great, young people don't want to use it, so Facebook the company decided to rebrand and make a new product to win back the kids. Virtual reality is at very early stages at the moment, we are miles away from what you see in sci-fi movies like the Matrix, and it's not like Facebook is going to make some breakthrough in the next few years. It's not even a fact that Metaverse is going to be popular, there's many examples of game-changing products from big companies that were a complete failure, like Google Glass, which could also be called "Metaverse", by the way.

I disagree. The Metaverse has already been proven by Second Life and even Fortnite to be engaging to the point of addiction perhaps. Many people out there would certainly like to have a spare life or avatar or others, so the demand is there. Regarding the technology, it is pretty much there if perhaps not fully developed, but certainly not far from being good. The sales opportunity is inevitable. There is hype, but there is also substance to all this.

so98nn

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Metaverse will not have much of the value because it will be more or less "governed" by that whichever dominant party that will take it over. I see deep inside its just way to inject the power into this system and have their own rules and regulations.

However its worth noting that different projects have started to jump into the metaverse backbone recently. Whether it is MARS4 NFT or whether its Cardano they all are liking it some or another.

Not sure where the developers are taking this thing? Next level or in the black hole?

Imagine FB having it, User Data on metaverse ---> Ctrl + A = Download. Lolz

Topic: The Metaverse economics and Meta-laws (Read 306 times)