Discovering the Prospects of the Metaverse for Governments Worldwide

Slowly and steadily virtual reality (VR), augmented reality (AR), and other immersive technologies are becoming a day-to-day routine of human operations which also raises a subject for policymakers to address and take conceptual steps.

Addressing the rising development and integration of the virtual realm with proactive measures is what calls for the government's involvement also there are several ways a government can adapt to the Metaverse.

Let's explore!

Virtual Transactions

The metaverse is the replica of the material world but in a virtual matter. Similar to how there are regulatory frameworks over property, transactions, etc., there exist virtual properties, virtual tools, virtual goods, and virtual transactions that require a regulatory framework from the government.

The virtual items hold a value that reflects on the real world, it is not a virtually locked money. Government should collaborate with metaverse companies for imposing consumer protection, fair taxation, and other laws that regulate an economically stable virtual cash flow.

Digital Protection

Since the metaverse is a digital replica of the material realm, there are people hanging out, roaming, and optimizing the virtual space in their comfort which also calls for imposing higher standards on digital protection.

Digital protection is a subject in the material realm, which shall be addressed equally in the virtual realm. Data security and privacy of the users require a framework specifically developed for metaverse crimes.

Metaverse crimes are related to the material realm such as identity hacking, inputting viruses, scams, and other cyber crimes we witness in the news daily. However, metaverse law could create trust among users for rapidly adapting to the technology without second thoughts.

Virtual Development

Virtual development means the introduction of education, entertainment, and other workforce operations in the metaverse. This will create multiple sides of entrepreneurship and employment boosting the economy in double units.

Government should wisely invest and equip its citizens with the advancing technical pace and keep up with the digital environment which would also involve partnerships with tech giants, universities, and other institutions, building a fundamental cycle of positive outcomes.

Digital Accessibility

Digital Accessibility does not just mean the introduction of government operations with a virtual combination but also creating an environment that prevents exacerbating existing social inequalities.

Government should prioritize digital accessibility for creative avenues that provide opportunities for all citizens regardless of their socio-economic background can access the technology and benefit from the opportunities of the realm.

Law & Ethics

Law and ethics are important for a platform that replicates all the operational activities of the material realm but in a virtual integration. The current implementations converted practically by analyzing the virtual measures is what the realm needs today.

Government shall impose ethical guidelines and implement constitutional laws that regulate a positive framework of operations in the modern realm wherein cyber law can disrupt a peace-disrupting entity with ease.

Meanwhile in the Metaverse

Several existing metaverse platforms have material and virtual combinations of shops, galleries, casinos, entertainment hubs, properties, and concerts ongoing which also calls for the development of government embassies in these areas.

Don't be surprised but the government of Barbados is already in talks of developing and launching a diplomatic embassy in metaverse, the most popular Decentraland metaverse platform (1).

The United Arab Emirates' Ministry of Economy announced its "third address" which is its headquarters in the metaverse. The two of its other addresses (headquarters) are in Abu Dhabi and the other in Dubai (2).

The Ministry describes the virtual headquarters as a multi-story building with every floor with different functionality such as conferences, meetings, etc., rooms, and visitors of its virtual HQ can take a ticket for arrival calling all government employees to taste the virtual realm.

Ministry also stretches even normal audiences can visit the virtual HQ, eliminating the need of traveling to physical places and virtually signing legally binding documents in the metaverse.

UAE is advancing rapidly to capture the most exquisite places on the Metaverse and converting its operations both virtually and physically. All of these factors call the government worldwide to initiate its step into space.

It is either falling back to regret or stepping ahead to conquer the metaverse situation right now but conquering is just another part, for now, adapting is important and to advance with the technical space, adapting now is a better approach.