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- As per Mark Zuckerberg, the metaverse is the evolution of the internet, a digital realm where people can enter instead of just witnessing it on the screen.
- Although metaverse is still in its infancy, it is anticipated that this space is going to reach $758 Billion by 2026.
- Numerous lawsuits will arise associated with contracts entered into before metaverse came into existence.
Metaverse Platform Conflicts
Personal data is among the various types of disputes that are expected to arise between metaverse platforms as well as users, as these platforms cannot guarantee security from attackers.
There might be conflicts regarding disruption of metaverse platforms towards personal investments of users in the metaverse, where they provide services to the folks.
There will also be conflicts regarding contracts entered before metaverse rose to prominence. For each intellectual property drafted before this concept, a prime issue will be to determine ownership of rights in the metaverse platform.
The issue was at the heart of the case involving Quentin Tarantino, the legendary director, and Miramax, following his declaration of plans to sell of NFTs consisting of scenes from Pulp Fiction.
With these things in mind, organizations that are seeking ventures in this virtual realm should look for assurance offered by metaverse platforms.
User Conflicts
As for conflicts regarding metaverse users, a prime element of conflicts will emerge from transactions among users.
Metaverse allows folks to provide their services to other folks, generate virtual assets and sell them to other users, and rent or resell digital land parcels. Against this background, the question remains what terms and conditions are applicable to these transactions.
Talking about NFTs, for example, transactions can be done via smart contracts, which automatically shift the ownership of virtual assets from one user to another as soon as it senses crypto payment.
In case of conflicts, contracts must enable arbitration instead of court litigation. These alternative conflict resolution mechanisms provide valuable advantages for virtual transactions, provided they adapt to meet obstacles of time sensitivity and technology.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
