“Any new regulations for cryptocurrency will not hold back the growth of the metaverse”— Paul Ebeling
The metaverse is generating lots of excitement, from Wall Street to big brands who see it as the future of the internet and the next big thing. But, people at large do not understand it yet.
We believe that the metaverse company most likely succeed will be the 1 best at setting rules on conduct and policing for a safe virtual environment. The companies that have the best regulations in their metaverse will be the metaverses people will join.
The metaverse provides immersive digital worlds where people can use avatars to work, shop, socialize and play games. Some believe it could replace the real world for where people live their lives. Others argue that will not happen if they need to wear klunky virtual reality or augmented reality headsets.
A battle to prevail in the metaverse is shaping up between crypto-native companies and big techs like Facebook, which has rebranded as Meta. Virtual gaming worlds like Fortnite and Roblox are already huge.
The metaverse is still in an early-adoption phase, and developers are working on the deep tech behind it. We believe several virtual worlds are inevitable, and that the metaverse is on the cusp of being commercially viable.
Like most new tech, it will 1st be used by a small fraction of the community before spreading to society as a whole.
For the metaverse or for any technology to succeed, you only need a couple per cent of people in the beginning. You do not need the majority of people to even know about it for it to succeed and gain momentum.
Crypto tech is central to the metaverse, according to Goldman Sachs (NYSE:GS), as it lets people securely own assets they can freely use across different platforms.
Goldie, when asked about the potential impact of the SEC’s crypto rules of this on metaverse growth, notes that rules for virtual worlds will not be dictated by governments, but by the companies themselves.
You will not be able to commit crimes or be hateful in the metaverse.
As for transactions, the regulations will be the same as in the real world. The metaverse operator will not have any responsibility when you send money to a friend in its virtual world.
For example: If you go into the metaverse and you trade bitcoin, you will have the same exact tax effects than if you did it outside the metaverse. As, those regulations in the real world, to the extent possible, will apply in the metaverse.
So, government regulation will be very difficult, because if it can happen in the real world, it can happen in the metaverse.
Have a prosperous week, Keep the Faith!