- Metaverse companies that establish strong codes of conduct will likely appeal to the most users, said the CEO of CoinFlip.
- Ben Weiss said that any new regulation for cryptocurrencies is unlikely to slow the growth of the metaverse.
- Tax regulations and other rules that apply in the real world will also apply in virtual worlds, Weiss told Insider.
The metaverse is generating a lot of excitement, from Wall Street to the big brands who see it as the future of the internet and the next big thing.
However, people in general are not quite sure what to do with the shiny new concept and are not sure what to expect in their virtual worlds.
They are the first days. But the metaverse company will most likely succeed in establishing rules of conduct and vigilance for a secure virtual environment, according to Ben Weiss.
“You don’t want a metaverse where people are saying racist things, or where people are committing crimes, or where people are acting rebellious,” Weiss, CEO of crypto ATM operator CoinFlip, told Insider in a recent interview. .
“So the companies that have the best regulations in their metaverse are probably the metaverses that people are going to want to join.”
Generally speaking, the metaverse provides immersive digital worlds where people can use avatars to work, shop, socialize, and play. Some commentators believe that it could replace the real world where people live their lives. Others argue that won’t happen if they need to wear clunky virtual reality or augmented reality headsets.
A battle is brewing to prevail in the metaverse between crypto-native companies and big tech like Facebook, which has been renamed Meta. Virtual game worlds like Fortnite and Roblox are already huge.
That said, the metaverse is still in an early adoption phase, and the developers are working on the deep technology behind it. Weiss, who believes that multiple virtual worlds are inevitable, believes that the metaverse is possibly a decade away from being commercially viable.
Like most new technologies, it will first be used by a small fraction of the community before spreading to society as a whole, according to Weiss.
“For the metaverse or any technology to be successful, it only takes a couple percent of people at the beginning,” he said. “You don’t even have to know it for most people to be successful and gain momentum.”
Encryption technology is critical to the metaverse, according to Goldman Sachs, as it enables people to securely own assets that they can freely use on different platforms. But regulators like the Securities and Exchange Commission are seeking rules for crypto assets.
When asked about the potential impact of this on the growth of the metaverse, Weiss said that the rules for virtual worlds will not be dictated only by governments, but also by companies themselves.
“The SEC has been looking more at cryptocurrencies, which we welcome,” said the head of CoinFlip.
“There will probably be a regulation in terms of service by the group or the company, whatever the metaverse it is, and that goes beyond mere cryptography: you cannot commit crimes in the metaverse. You cannot say hateful things. in the metaverse. “
“Just as we have regulations in terms of service when we use products, it is likely that there is this type of regulation here as well.”
When it comes to transactions, Weiss expects regulations to treat them in the same way as in the real world. The metaverse operator will have no responsibility when you send money to a friend in your virtual world, you believe.
“For example, if you go into the metaverse and trade bitcoins, it will have the exact same tax effects as if you went outside the metaverse,” he said. “Those regulations that are in the real world, as far as possible, also apply in the metaverse.”
“So I actually think it’s not going to be that difficult to have regulation. If it can happen in the real world, it can happen in the metaverse.”
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