In modern times, one’s persona is built more by actions on social media platforms than by actions in physical society. Why is this the case? Simply because technology allows you to extend your reach way past your geographical boundaries. This has caused a paradigm shift in the way social value is expressed and exchanged by people.An acute observer will notice that this online world is transcending the physical one in more ways than most understand. The metaverse to me is the evolution of this social world, as we can facilitate digital property rights for the first time in human history.
Let us explore ‘Metaverse’ from the basics for those who have managed to navigate the internet today without coming across this dub and what it means.Metaverse is a term coined by Neal Stephenson in his novel ‘Snow Crash’ in 1992 as a sci-fi concept. Today, if someone uses the term, they are trying to communicate the conception of a digital world where users have unique characters (akin to video game characters) to engage in social, economic, and political exchanges of information and value.With the guarantee of ownership, people are buying property in various metaverses for millions of dollars because they believe that in the future, this digital society will be as populated as the cities of New York, Shanghai, Delhi, Tokyo, and Dubai.
When any market receives investment in millions of dollars of hard-earned money, legal and regulatory frameworks become a necessity to ensure a degree of ethics, trust, and diligence.Let us explore some of these frameworks to see how the law is approaching this novel phenomenon:
Identity, digital artwork, and digital buildings are all subjected to copyright law. Fraudulent actors may impersonate or unfairly use one's designs to generate value for themselves as this digital society can be viewed by all.People may propagate real-world brands, identities, and creative works as their own in the metaverse. In this case, if one creates something in a metaverse that is similar to a copyrighted work in the real world, they may also be infringing on the copyright.Also, if you create an avatar that is proved to be impersonating another brand, entity, or organisation, then the courts will order you to stop and may also seek monetary remuneration from you.
Contract laws in the real world govern the enactment of legal contracts made between two parties. In the metaverse, contract laws can apply to a range of activities, such as renting and selling virtual goods and services.If you enter into a contract with somebody, all entities must live up to the contract and the courts can get involved to make sure that this is done.
Tort law is put in place to govern events such as property damage or personal injuries. Tort Law in the metaverse will apply to any harm that one user causes to another. This includes emotional distress and property damage in all senses.One could use the courts in the same way as one would in the case of tort law violations in the real world.
First Published: Jul 26, 2022, 12:00
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