Mark Zuckerberg’s Meta is bullish on the strength and potential of Metaverse technology and urges policymakers to set fair rules for such web3 technologies that keep people safe and promote innovation.
Edward Bowles, Meta’s Head of Fintech Policy, notes in a blog post that “the metaverse presents a promising new arena of economic opportunity.”
Bowles says the use of blockchain technology in financial services, in the form of stablecoins, cryptocurrencies, or crypto exchanges, is receiving significant attention from policymakers.
He highlights it is essential to note that blockchain also has a wide range of non-financial applications that can be the basis of the metaverse economy.
According to Bowles, non-financial blockchain-based assets such as NFT, are well-positioned to establish ownership of digital items in the metaverse and allow users to explore experiences that platforms do not support at this moment.
Bowles noted the two key components for making the metaverse an economic success, interoperability and portability will be powered by the further adoption of web3 technologies.
Bowles lays out three core principles policymakers should consider while setting up rules for web3 technologies like Metaverse.
- He says policymakers should adopt a technology-neutral approach that focuses on “same risks, same rules.”
- Policymakers must acknowledge that decentralized systems can help create new economic opportunities by encouraging competition, innovation, interoperability, and the mobility of ownership and identity;
- To accept greater public sector and industry collaboration as a crucial pillar of any future regulatory frameworks.
As we all know, Meta CEO Mark Zuckerberg remains bullish on the company’s metaverse plans even if it costs the company a lot in terms of cutting the workforce and even incurring billions worth of losses.
For those who are skeptical of Meta’s metaverse initiative, Zuckerberg stated, “if you’re getting skepticism, you’re pushing hard enough.”