The Metaverse is a concept that many major organisations are betting on – and not just the big tech companies either. In fact, traditional bricks and mortar companies are setting up metaverse operations too, offering goods and services in the metaverse.
This is, of course, all very exciting and somewhat blows my mind. But I think it’s also important to note that this also means that there will be legal and regulatory issues to deal with in respect to actions and activities in the metaverse. What will these be and how will they be governed are key issues that companies will need to consider.
This article by Christina Nordin at Osborne Clarke sets out a few of the key risks that companies need to be aware of as they enter metaverse operations. She sums it up well stating, “think about compliance by design and a framework that could address these various issues while remaining flexible enough to accommodate the differences in regional and national legislation.”
Here at A&M, we are focused on understanding how best to capture and record digital evidence and intelligence from the various metaverses to enable it to be used in any future legal or regulatory proceedings. This is something that is not as straightforward as in the real world, but something, no doubt, that will start to come up in the not-too-distant future for many firms. And they will need to be ready.
Data privacy issues in the metaverse will be an extension of regulations already used for the internet, and providers need to make sure protocols are in place and data is being collected fairly, transparently, provide privacy notices and have consent for tracking technologies.