Welcome to Metaverse: Opportunities and Challenges Women in Fintech Networking Webinar Series | McDermott Will & Emery
To recap: This session we discussed the opportunities and challenges that come with the emergence of the metaverse. We were joined by Samrah Kazmi, co-founder and COO of Maiden Century, Inc. and founder and CEO of Women in Sustainable Innovation. Called a “hype technology” by virtue of its bold promise to completely revolutionize the way we see and interact with the world, the metaverse is a highly immersive shared world powered by virtual products and digital experiences.
KEY EXTRACTION
- Samrah provided an insightful overview of the metaverse, from its desktop-driven origins to today, where it exists primarily as a mobile-powered e-commerce platform. In the near future, Samrah explained, the metaverse will be decentralized, AI-powered, and will allow the easy flow of data and the means to connect people, places and experiences in real time. The presence of cryptocurrency and digital payment systems in the metaverse will lead to additional opportunities as well as corresponding complexity – such systems must learn to co-exist with fiat, tokens and central bank digital currency, and the metaverse must be able to seamlessly accommodate these different forms of payment.
- Either way, the metaverse will have a huge transformational impact across industries, from the factory floor to the boardroom, leaving no industry untouched and redefining the way we spend and make money. In fact, it is estimated that the metaverse will have 5 billion users in total by 2030. But, and as they say, with great power comes great responsibility.
- Perhaps the biggest challenge facing the metaverse today is the task of creating a socially responsible ecosystem that develops in step with the changing world. For that purpose, it is important that the metaverse has open standards and is inclusive, experience-based and accessible to everyone. Legal and regulatory regimes must be taken into account, including the issues that will arise with respect to privacy, intellectual property and taxation, as well as applicable global regimes and jurisdictional issues that will come into play depending on where transactions occur in the metaverse. To achieve this, it will require the collective effort of all metaverse participants, and not just a single company, to demand standards that best serve the public.
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