Metaverse regulation: lessons from the past and the need for regulatory innovation
While social media regulations are still playing catch up, a new disruptive technology – the metaverse, has already amassed the market focus. Despite innumerable use cases and an obvious capacity for impact, metaverse regulation seems to be on the back burner for most governments.
The industry, on the other hand, is moving at an alarming pace. Last year Meta said that it will devote 20% of its revenue to Reality Labs, its research and development project that focuses on developing virtual and augmented reality products, and Disney Star announced its launch of the ‘Starverse’ in India. Recently, the Ministry of Electronics and Information Technology funded four start-ups focusing on XR technologies. With this pace, nearly thirty global tech companies and standards organisations have also banded together and formed the metaverse standards forum aimed at developing open interoperability standards.
Legal & Regulatory Trends
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