Alexander Yagodka on how the metauniverse can influence the formation of the state and legal systems?
Why is there so much hype around this multi-billion dollar industry and how can this technology affect the creation of the state and the legal systems of countries? Oleksandr Yagodka , lawyer, managing partner of Leaders of Defense JSC, shared his expert opinion on this issue.
The limitless possibilities of the metaverse
The most influential companies in the world are preparing to launch large-scale projects in separate metaverses, buying virtual land for real money. NFT real estate is tokenized and is a high-risk investment on par with the purchase of cryptocurrencies. Some states and public sector organizations have begun to actively use metaspace. Cities like Seoul, Shanghai and Dubai are opening up new economic models in the virtual space.
The influence of the metaverse on creation and legal systems
Metaspace has every chance to completely change the paradigm of using the Internet, so it is important to understand how the legal concepts of the real world will operate in the virtual space, how they will affect the legal systems of the countries of the world and state processes.
The Metaverse has real potential to become a digital society with its own culture, economy and governance systems that will be connected to the offline world, but optimized in accordance with the interests of users and developers. Social, commercial interaction is being transformed, the form of communication and work will change, new values will appear, and with them problems, in particular, of a legal nature.
Laws of the Metaverse: Will Legal Processes Replace the Metaverse?
The metaverse has no physical boundaries, so the laws of metaplatforms must be based on and take into account the laws of the countries in which they operate. Said platforms will have internal policies that will govern all aspects of behavior.
The existence of goods and real estate in the metaverse does not exclude the possibility of damage, destruction, theft, loss of virtual property. This can happen in theory - due to damage to the computer code, hacking, losing the password to the crypto wallet. Therefore, to solve the traditional problems of the real world with goods and real estate in a virtual environment, one cannot do without reconfiguring the legal system.
According to Alexander Yagodka's lawyer, the issues of civil, administrative and criminal offenses on metaplatforms will be the same as in the real world. Metaplatforms will play a virtual role at the level of nation states, creating systems for punishing crimes. Metaspace can become a platform for political discussion and debate, where people are not limited by physical space or boundaries.
The decentralized options of the metaverse, including blockchain and smart contracts, can indeed automate many processes that require the participation of lawyers, but it is too early to talk about a complete replacement of legal processes.
If the metaverse reaches a large number of users, its role in lawmaking and setting rules and standards will influence many global processes. The evolution of the regulatory framework in this area allows you to create new worlds with modern management systems. However, it is difficult to imagine: this will lead to a big technological leap or to a global catastrophe.
