Meta Compels Government Authorities to Back off from Metaverse Regulation

Meta has addressed the government in a document to refrain from drafting metaverse policies.

Dec 3, 2022
by Michael
Meta Compels Government Authorities to Back off from Metaverse Regulation
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Meta has released a document to address the policy and regulation of the metaverse. The social network’s recent action sets to get its metaverse strategy in shape. Meta believes that fair regulation will aid innovation and expose the benefit of the industry. As disclosed by the company, the metaverse could be worth up to $3 trillion by 2031. Invariably, the metaverse will foster the growth of the world’s economy. 

In June, McKinsey & Co, a global research company projected that the metaverse could be worth $5 trillion by 2030 while companies like Goldman Sachs and Morgan Stanley7 have forecasted a valuation of $8 trillion. However, Citigroup believes the metaverse will be worth up to $13 trillion. Considering the influence of technology on the global economy, Meta is ascertained that the metaverse could be an arena of enormous economic opportunity. 

The company disclosed:

“Early estimates indicate that the economic contribution of the global metaverse could be valued at more than $3 trillion by 2031. Already, places like Dubai, Seoul and Taiwan are advancing with plans to take advantage of the metaverse,”

The Future of the Metaverse 

Meta also highlighted some platforms that have emanated as a real opportunity for metaverse companies. These platforms have provided real-time solutions in education, training and remote working. The metaverse has become a hot zone for creators to develop new revenue channels. The metaverse has gained more attention for its operability and portability, which would be triggered by the future adoption of Web3 technologies. Mata has cited NFTs as a non-financial blockchain set that is currently increasing the adoption of the metaverse. 

Meta wants a neutral approach against policy against the metaverse. The company is also pushing for the recognition of decentralized systems as a way of unlocking new opportunities. Instead of the government, the metaverse policies should be drafted by private sectors, lawmakers, civil society, academia and diverse stakeholder, Meta proposed.

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