The latest feature in the line-up of ‘next-big-things’ has been the advent of the metaverse, which has promised to revolutionise lifestyle, commerce, and business. But as the hype cycle runs its course, and the industry begins to question the actual impact of the metaverse, it becomes increasingly important to look beyond the superficial and towards what the metaverse truly represents – the continued and exponential digitalisation of the world around us. From that vantage point, we can strip back the buzz and begin to see the real legal issues at play, which all revolve around the common axis of Data and Digital Economy. With the incremental advancement of the Data and Digital Economy space, individuals and businesses will be faced with both opportunities and challenges. The commercial and investment opportunities associated with digitalisation and the metaverse are vast, and businesses would be well advised to begin preparatory steps towards capitalising on such prospects.
However, this may be easier said than done. The developmental and exploratory nature of Data and Digital Economy means that there will be uncertainties abound regarding how to operate in this unfamiliar space. In particular, users and businesses will have to grapple with complex legal issues spanning numerous areas of law – issues that will require multi-disciplinary expertise to effectively navigate. In this article, we take a closer look at Data and Digital Economy and the concept of the metaverse, the various sectors to explore opportunities that may arise, as well as the respective legal issues that will undoubtedly be intertwined with such opportunities.
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