Navigating the Metaverse: The Do’s and Don’ts of Web3 Success23. March 2023
• Panelists discussed the future of digital reality in the metaverse and how businesses should navigate their entrance into it.
• Regulators around the world will interpret what goes on in the metaverse, and Julie Jacob believes that creating regulations that can be applied worldwide is a “fantastic opportunity”.
• Arnaud Pelletier stressed that too much regulation would have drawbacks, and Andy Albertson said enterprises need to “get comfortable with discomfort” to succeed in Web3.
Metaverse Regulation: Do’s and Don’ts
At Paris Blockchain Week 2023, a group of industry professionals took to the Venus de Milo stage to discuss the future of digital reality in the metaverse and how businesses should navigate their entrance into it.
Julie Jacob – lawyer and founder of Jacob Avocats – sees privacy, regulation, and ethical standards as having “different cultures in different countries.” She believes there is an opportunity to create rules all together and also create ethical standards for these regulations.
Benefits & Drawbacks
Arnaud Pelletier (IBM Consulting France) stated that regulation is key to ensuring fairness, competition, and protection of individuals as more businesses enter this space; however he also noted that too much regulation could have drawbacks such as limited innovation, too much interpretation or stunted adoption.
In The US
Andy Albertson (Fenwick) believes over-regulation has already started happening in the United States which is pushing “good hard-working entrepreneurs” out of the country into others more receptive to innovation. He urged enterprises ready to jump into this space to get comfortable with discomfort as there are still many gray areas they need to work with.
Margrethe Vestager (executive vice president at European Commission) concluded by saying that regulators must find a way between allowing innovation while protecting people from harm; hence why understanding risk is so important when entering this space. It will be interesting to see how regulations progress globally for web3 success moving forward!