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The metaverse is generating a lot of excitement, from Wall Street to big brands who see it as the future of the internet and the next big thing.
People at large don't know what to think of the new concept, and aren't sure what to expect in its virtual worlds.
It's early. Ben Weiss says that the metaverse company is the best at setting rules for a safe virtual environment.
Weiss told Insider that he doesn't want a metaverse where people are saying racist things, committing crime, or acting unruly.
The companies that have the best regulations in their metaverse are the ones that people are going to want to join.
The metaverse gives people the ability to work, shop, socialize and play games in virtual worlds. Some commentators think it could replace the real world for where people live. Some argue that clunky virtual reality or augmented reality headsets won't work for them.
The battle to prevail in the metaverse is shaping up between big tech companies and native companies. Virtual gaming worlds are growing.
The metaverse is still in an early-adoption phase, and developers are working on deep tech behind it. Weiss thinks the metaverse is a decade away from being commercially viable.
It will first be used by a small group of people before spreading to society as a whole, according to Weiss.
"For the metaverse or any technology to succeed, you only need a few percent of people in the beginning," he said. You don't need the majority of people to know about it for it to succeed.
According to Goldman Sachs, the metaverse is based on the fact that people can securely own assets they can freely use across different platforms. The Securities and Exchange Commission is looking at rules for cryptocurrencies.
Weiss said that rules for virtual worlds won't be dictated by governments, but by the companies themselves.
The SEC has been looking at cryptocurrencies more.
There will probably be regulation in terms of service from the group or the company, and that goes beyond just the coin. You can't say bad things in the metaverse.
There will likely be that sort of regulation here as well, just how we have regulations in terms of service when we use products.
Weiss expects the regulations to treat transactions the same as they would in the real world. He believes that the metaverse operator won't have any responsibility when you send money to a friend in its virtual world.
He said that if you go into the metaverse, you will have the same tax effects as if you did it outside. The regulations that are in the real world apply in the metaverse.
It's not going to be difficult to have regulation. If it can happen in the real world, it can happen in the metaverse.
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Business Insider has an original article.
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