Since Facebook changed its name to Meta, the idea of Metaverse expanded. Many platforms started to offer Metaverse based services to its user. While there is a prospective scope to this, non-compliance to the laws could bring catastrophe to the business. It becomes imperative to comply with the law, where such platforms intend to operate. Tech attorneys helps the entities to go through the compliances required to operate such businesses. However, the author in this post describes on how the Metaverse is connected to Cryptocurrencies and NFTs.
The internet’s recent technology advancements have impacted a wide range of industries, and while the effects are wide-ranging, they are unpredictable. Companies and government organizations are now rigorously evaluating these consequences and making policy decisions to properly implement them. These innovations, on the other hand, are welcomed in the gaming industry since they allow for gamer-friendly Artificial Intelligence, Virtual Reality, and Augmented Reality.
Blockchain technology, in particular, has transformed the landscape of gaming through several monetary perspectives. With micro-transactions in the form of in-game purchases, video games have evolved from simple pastimes to full-fledged franchises and community-building platforms. However, new models are emerging as a result of blockchain technology that can impact the existing quo. Play-to-earn video games are becoming increasingly popular, and new services are reducing the entry hurdle. These developments will serve as a steppingstone for a vision of the future of metaverse.
In basic terms, the Metaverse suggests a virtual reality that shall allow verifiable intrinsic ownership of digital assets and currency, and while the concept is still being put into practice, supporters compare the hurry to buy virtual land through existing NFT platforms to the early days of the internet’s domain name scramble. Because NFT gaming and its integration with GameFi protocols is such a complex concept, the future holds a lot of potential for these concepts to adapt to the virtual themes promised by the Metaverse, and today, while some individuals collect NFTs for the sake of collecting, players with such future goals now seek them out for their utility. The Game-fi protocol has altered how users can generate income with NFTs by developing new NFT game economies and blockchain interactions.
Among various technical and legal developments related to Metaverse, it has been recently reported that a new Metaverse is emerging that aims to help solve environmental challenges. Next Earth is a metaverse platform that decentralizes ownership and governance. This innovative platform provides a democratic environment where users have complete control over their avatars.
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Advocate Rahul Dev is a Patent Attorney & International Business Lawyer practicing Technology, Intellectual Property & Corporate Laws. He is reachable at rd (at) patentbusinesslawyer (dot) com & @rdpatentlawyer on Twitter.
Quoted in and contributed to 50+ national & international publications (Bloomberg, FirstPost, SwissInfo, Outlook Money, Yahoo News, Times of India, Economic Times, Business Standard, Quartz, Global Legal Post, International Bar Association, LawAsia, BioSpectrum Asia, Digital News Asia, e27, Leaders Speak, Entrepreneur India, VCCircle, AutoTech).
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Blockchain ecosystem in India is evolving at a rapid pace and a proactive legal approach is required by blockchain lawyers in India to understand the complex nature of applicable laws and regulations.