Its objectification in the hands of a corporation could be detrimental to the Web 3.0 decentralization movement
The race between technology companies to Production of the ‘Metaverse’ has officially begun. On 28 October 2021, Facebook Inc. announced That it was restructuring and changing the corporate name, Meta Platforms Inc., to the announcement that ‘from now on, we’re going to be Metaverse-first, not Facebook-first’. ‘Metaverse’ is a broad term that includes interconnected 3D virtual worlds made possible through advances in technologies such as augmented reality (AR)/virtual reality (VR), artificial intelligence (AI) and blockchain, according to Neil Stephenson. K originated from a 1992 speculative science fiction novel. snow accident.
metaverse space
Web 3.0 is the name given to the next generation of Internet architecture that is believed to be free from the centralization that is a part of today’s Web 2.0 Internet systems, which are largely controlled by tech giants such as Google, Facebook, and Amazon. . Web 3.0 proponents advocate the use of technologies such as blockchain and tokens to create a decentralized Internet for online interactions and online payments, and a fantasy metaverse Running on these platforms can be a good example of what an ideal future digital environment might look like; Hence the pressure for an ‘open metaverse’ by some organizations.
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in an ideal world, metaverse A truly open and inclusive space for empowerment, expression and exploration. However, in the world we live in, corporations are unlikely to have goals. If the corporation’s past products are anything to go by, the goal is likely to be to reach the next level of human interaction, where every single action, down to the smallest level, is tracked and surveyed for profits, and data collection. Designed to maximize and keep the user coming back for more.
Facebook/Meta is not the only company which has been pushing the idea of the metaverse to become a reality recently; However, the branding exercise that has just begun will force millions to believe so. The name chosen reflects the metaverse’s attempt to tie the idea to a particular corporation and turn it into a household name. Other companies that have similar metaverse-building goals, such as Epic Games, now face a major disadvantage.
However, the metaverse in the hands of a corporation would certainly be detrimental to the entire Web 3.0 decentralization movement. Competitors are likely to pop up with their own versions of the technology, leading to a number of ‘closed’ metaverses, which would basically be Web 2.0 systems again. Oligopolyes or monopolies in something as revolutionary as the metaverse space are cause for concern and competition law regulators may someday have to look into them.
what might be on offer
What kind of economic system will exist in the metaverse of Facebook/Meta? Interoperability, or the ability to seamlessly move data between different virtual worlds, is promising, allowing for rich social and economic possibilities. One phrase that is popping up regularly is the ‘maker economy’ which will become a reality in the metaverse due to the popularity of NFTs (Fungible Tokens) over the past year. NFTs will allow proof of ownership of digital assets, for example, virtual goods, paintings and memorabilia. However, the most common criticism of NFTs is that they are an attempt to create value and scarcity where there should not be – that they are nothing more than another new avenue for capitalist expansion. The argument is that nothing is really rare in the virtual world, and any deficiencies are really by design. Artificially created scarcity helps in making profit and money. The debate continues. The metaverse has great potential to revolutionize areas such as education and health care, but unless they are driven purely by profit motive, the benefits are likely to be minimal.
Virtual economies can also develop around adaptations of the metaverse ‘Avatar’. Recent whistleblower revelations have revealed that Nigam was well aware of the psychological effects it can have on teenagers. So one might assume that the metaverse would be the new version of ‘Avatar’ showing glamorous social media profiles – both the person who is actually behind the scenes, perpetuating self-defense, mental health issues, and insecurities.
regulatory concerns
Privacy and security are, of course, important concerns, and in fact, Facebook/Meta has acknowledged this in announcing its commitment to building a secure platform. Nevertheless, large-scale health and biometric data collection is expected to continue in the metaverse, as real-world identities will be tied to more systems than ever before. Data breach and theft, thus, can prove to be even more costly. While Web 3.0 systems are about to give users more power over their personal data, it still remains to be seen whether corporations like Facebook/Meta will follow Web 3.0 standards or come up with their own standards in the closed corporate metaverse. Cybercrime can also take new forms in these new virtual worlds.
The role of Facebook in promoting violent and hateful content to increase user engagement is well documented. If left unchecked, something similar can happen on an even larger scale in the immersive virtual world, through targeted advertising and promotion. If this goes against their economic incentives, as has been proven time and again, the corporation cannot be trusted to operate its platforms properly. Regulators need to take steps right from the start when it comes to the metaverse, following a precautionary approach rather than taking too long and allowing some problematic and dangerous practices to become entangled and difficult to deal with. Is. The tussle between lawmakers around the world and Facebook continues to this day.
Finally, the metaverse will raise challenging questions of jurisdiction and governance. In the not-too-distant future, the virtual world may also someday develop as an alternative to the nation state, as evidenced by the rise of blockchain-based DAOs (Decentralized Autonomous Organizations). Big tech firms already have higher GDPs than many smaller countries – if they all operate their entire virtual worlds, it could require a massive rethinking of the foundations of technology law.
real world cost effects
Metaverse, as promised, will combine technologies from cloud computing, big data, advanced AI systems, AR/VR, blockchain, NFTs and more. Each of these technologies requires tremendous processing power and, as a result, will incur huge costs in terms of the environment. The level of resource extraction required to keep such a large system running smoothly is too large to understand. And it’s not even taking into account the exploitation of the millions of low-wage workers on whom Big Tech’s critical infrastructure and supply chains depend. This harsh reality behind our everyday amenities is unknown to many, and it can only intensify with a corporate project as vast as the metaverse. Ultimately, a corporation looks out for its investors, not the public at large. With the metaverse, the possibilities are immense. But there are dangers too.
Kaif Siddiqui is a student of LLM (Law and Technology) at West Bengal National Forensic Science University, Kolkata. Shifa Qureshi is a student of BA LLB (Hons) in the Faculty of Law, Aligarh Muslim University, Aligarh.
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