• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

Meta Unveils Next-Gen AI Tools and Digital Companions for the Metaverse

2023-09-28

What Is Toncoin (TON)? Everything You Need To Know

2023-09-28

Valentino Rossi Steps into The Sandbox with ValeVerse

2023-09-27
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    U.S. IRS Considers Taxing NFTs Like Other Collectibles

    2023-03-21

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01
  • Metaverse

    Meta Unveils Next-Gen AI Tools and Digital Companions for the Metaverse

    2023-09-28

    Valentino Rossi Steps into The Sandbox with ValeVerse

    2023-09-27

    Opportunities for Artists and Creators at Decentraland Music Festival 2023

    2023-09-26

    Hitachi Leverages Metaverse and VR for Next-Generation Workforce Training

    2023-09-25

    Upland and KABOOM! Unite to Address Playspace Inequity

    2023-09-22
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    Ripple files motion to block SEC appeal attempt

    2023-09-04

    JP Morgan believes SEC will be forced to approve ETFs after losing case against Grayscale

    2023-09-03

    Ripple Files Motion To Oppose SEC Appeal Over Landmark XRP Ruling

    2023-09-03

    U.S. SEC Punts on Bitcoin (BTC) Spot Exchange-Traded Fund Approvals, Delays Decisions Until October

    2023-09-02

    Navigating the significance of legal opinions in the crypto sphere

    2023-09-02
  • Learn

    What Is Toncoin (TON)? Everything You Need To Know

    2023-09-28

    What is NBA Top Shot? A Beginner’s Guide

    2023-09-22

    What Are Bridges in Crypto? Cross-Chain Bridges, Explained – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    2023-09-21

    SingularityNET (AGIX) Price Prediction 2023 2024 2025

    2023-09-18

    What Are Altcoins? Best Altcoins to Buy  – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    2023-09-08
  • Market Cap
CryptoNewsMetaverse
Home»Metaverse»Metaverse not the endgame, but ‘ongoing digital transformation’: Davos 2023
Metaverse

Metaverse not the endgame, but ‘ongoing digital transformation’: Davos 2023

2023-01-19No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

The metaverse has been a buzzword inside and out of the Web3 world over the last year. Moreover, development in the metaverse is something that has remained strong relative to the overall turmoil of the decentralized space.

It is also a hot topic at the 2023 World Economic Forum (WEF) in Davos, Switzerland. The WEF has been developing its own initiative, “Defining and Building the Metaverse,” with the participation of over 120 participants, for which it held a press conference on Jan. 18. 

The WEF panel highlighted the initiative’s first two papers, which cover interoperability, governance and the consumer’s role in the metaverse of the future.

Huda Al Hashimi, one of the panelists and the deputy minister of cabinet affairs for strategic affairs in the United Arab Emirates, framed the future of the metaverse as a space to break societal barriers and not recreate the same issues.

“We have to ask ourselves why we are still stuck in the domains we want to break through. We believe that a breakthrough will happen.” 

Particularly when it comes to governmental bodies creating their presence in digital reality, Hashimi says the vision of the initiative has reimagined the role of regulators.

“We also see that regulators will be acting more like referees rather than gatekeepers. That code of conduct will actually take precedence over formulating policies.”

Across the globe governments have been exploring the metaverse. The UAE in particular has already launched a government-backed metaverse city in the country as one of its many initiatives in digital reality. 

Norwegian governmental offices have also opened up metaverse branches to cater to the generation of users.

Cathay Li, the head of Shaping the Future of Media, Entertainment & Sport and member of the ExCom at World Economic Forum Geneva, said regulations and value creation are two key issues that needed to be understood for a digital reality that is beneficial for users.

“There is tremendous economic and societal value in this. But if it is unregulated, then there might be some issues with privacy, safety and security.”

Li said that the metaverse should not be looked at as an “end state” to all of the work and developments underway now. Rather it should be seen as an “ongoing digital transformation” of human experience in digital reality. 

In addition to ideas of governance, the panelists touched on interoperability and user data generation within the metaverse.

Related: Seoul government opens city’s metaverse project to public

Siu Yat, the co-founder and executive chairman of Animoca Brands, noted that digital property rights are key to the interoperability needed in the next evolution of the metaverse. He said :

“If you don’t have judicial property rights, then you can actually have digital freedom – the freedom to transact because it’s always permissioned. I think that this lies at the foundation of making interoperability benefit everyone.”

All three panelists had a five year vision of the metaverse that is more integrated into most people’s everyday life, along with more clear governance structures in place. “The metaverse will be part of our lives whether we like it or not,” said Hashimi. 

Yat closed by highlighting that a metaverse in the near future will also have generated new economies, which could be of a national scale. 

“New national economies will spring out of the metaverse, like a virtual society that is real because of all the transaction value and all the commerce that’s happening on it.”

He particularly stressed that with more robust digital properties, users will actually be able to have a stake in these new digital economies. Recently, McKinsey reported the metaverse to potentially create $5 trillion in value in the next seven years. 

Source link

Davos Digital Endgame Metaverse Ongoing transformation
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Meta Unveils Next-Gen AI Tools and Digital Companions for the Metaverse

2023-09-28

Valentino Rossi Steps into The Sandbox with ValeVerse

2023-09-27

Opportunities for Artists and Creators at Decentraland Music Festival 2023

2023-09-26

Hitachi Leverages Metaverse and VR for Next-Generation Workforce Training

2023-09-25
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Uniswap investors HODL despite 45% rise; is it confidence or fear?

2022-04-06

Elizabeth Warren urges stricter regulation, says solution to crypto fraud begins with the SEC

2023-01-26

How To Start Cryptocurrency Trading Guide For Beginners

2022-12-10

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

Meta Unveils Next-Gen AI Tools and Digital Companions for the Metaverse

2023-09-28

What Is Toncoin (TON)? Everything You Need To Know

2023-09-28

Valentino Rossi Steps into The Sandbox with ValeVerse

2023-09-27
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$26,915.00-0.68%
  • ethereumEthereum(ETH)$1,665.250.50%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.07%
  • binancecoinBNB(BNB)$215.480.17%
  • rippleXRP(XRP)$0.535.06%
  • usd-coinUSDC(USDC)$1.00-0.08%
  • Lido Staked EtherLido Staked Ether(STETH)$1,665.510.44%
  • dogecoinDogecoin(DOGE)$0.0619850.90%
  • cardanoCardano(ADA)$0.248761-0.30%