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While laws may not be perfect, the cryptocurrency sector could do with something that makes regulation and operation smoother and clearer.
Researchers in the United Kingdom investigated the viability of existing intellectual property (IP) laws and their implementation to evolving technologies like Metaverse.
In the study, the researchers highlighted flaws in current legislation and made recommendations.
On March 7, the United Kingdom government released an outside commissioned study paper titled “IP and Metaverse.” The report covered the existing IP laws and how they can be applied to technologies like Metaverse.
The study stated that metaverse-specific intellectual property challenges exist, such as IP governance in an interoperable environment and regulating technologies like blockchain and artificial intelligence (AI) within virtual worlds.
A researcher wrote, “Blockchain’s inherent resistance to change or correction undermines the ability to flexibly manage or update IP rights. This is an issue that becomes especially problematic in the context of ownership disputes, as well as in navigating the termination of agreements and rights if licensors or right holders seek to leave the Metaverse.”
However, blockchain technology has evolved with time, creating more opportunities for the finance sector. The issues of privacy, anonymity, and decentralization continue to be the primary issues that are being addressed by several firms in the industry.
Metaverse Market Size
In 2022, the size of the worldwide metaverse market was projected to be $65.5 Billion. From 2023 to 2030, it will expand at a compound annual growth rate (CAGR) of 41.6%.
A rising emphasis on utilizing the internet to integrate the digital and physical worlds and the expanding momentum and popularity of mixed reality are key elements that are expected to fuel revenue growth in the sector.
Market Price Update
The cryptocurrency market has flourished at an impressive pace in the past few years after the crypto winters in 2022. However, 2024 has proved lucky for the crypto sector as the market cap grew more than 55% in just a few days.
Bitcoin price was hovering around the $68k mark at press time. The market is bullish, with firms buying more Bitcoin. The SEC’s decision to delay its verdict on the BTC derivative offering has not affected BTC. BTC is expected to remain volatile, yet bullish in the wake of the 4th halving event.
A specific growth pattern has been observed in the memecoin community in the past few weeks. Dogwifhat (WIF) prices grew over 400% in the past 365 days. Bitget Token (BGT) lost 9.40% of its trading price, which makes it the topper of the loser list.Fetch.ai (FET) slipped 5.80% in the past 24 hours.
Ethereum, the second most prominent cryptocurrency in market cap and trading price, has grown by more than 63%.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
