Meta Asks Policymakers to Set "Fair Rules" for Metaverse and Web3

Meta Asks Policymakers to Set “Fair Rules” for Metaverse and Web3

In an attempt to influence digital policy, Meta has released a discussion paper asking policymakers to set “fair rules” for the metaverse.

The discussion paper, released on Friday, notes the growing effort toward creating a safe environment for Web3 and metaverse technologies to thrive. It also asks regulators to take a hands-off approach when addressing the metaverse and Web3 technologies. 

“It’s important for policymakers to set fair rules for Web3 technologies that keep people safe and promote innovation,” the company said. 

According to the company’s head of fintech policy Edward Bowles, Meta expects there would be eventually an “interconnectability” between the different global jurisdictions trying to regulate the metaverse so that someone in Meta’s Horizon Worlds virtual-reality offering can pick up their assets and “move to another world seamlessly and back again.”

Ostensibly, to reach this goal, Meta and some of the biggest names in technology and software came together to establish the Metaverse Standards Forum with a mission to drive interoperability and cross-compatibility in the space along with standardized terminology.

Meta (FB), Microsoft (MSFT), Nvidia (NVDA), Unity, Sony (6758), and 30 other companies are included in the Forum. 

“We’re some way off from that being a reality, so these are very early days,” Bowles reportedly told reporters last week, calling this paper “just the beginning of a series of conversations.”

The document outlines three priorities for the metaverse, the evolution of the Internet that sees users interacting in virtual reality worlds. According to the article, the final cross-purpose rules should take a technology-neutral stance, recognize the potential economic benefits of Web 3, and insist that governments and industries build on it. This collaboration will include the potential role of central bank digital currencies in the Metaverse economy.

Furthermore, the paper predicts that the metaverse could be valued north of $3 trillion by 2031, which it says would be a huge boost to the global economy.

Meta has been most bullish on the metaverse among all tech giants. The company has even changed its corporate name from Facebook to Meta to reflect this goal. 

However, as reported, Meta’s metaverse efforts have been hit with numerous hurdles. The company’s CEO Mark Zuckerberg said in late October that they anticipate operating losses to “grow significantly” in 2023.

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