Discussion on the Metaverse
CPD for Lawyers: 1 Substantive Hour
Corey Kovnats - VP of Web3 Technology - dapphaus
Recent years have seen a tremendous surge in investments, media attention and business initiatives on the Metaverse, particularly by the top U.S. technology and gaming corporations. Some estimates have pegged the Metaverse industry to be worth more than US$800 billion by 2030. Before gaming giant Roblox filed for an initial public offering in October 2020, the “Metaverse” appeared only five times in U.S. Securities and Exchange Commission filings. Since then, the term found mention more than 260 times in 2021 and more than 1,100 times in the first six months of this year.
The definition of the Metaverse and what it means in a socio-economic and legal sense remains nebulous, but there is near consensus that interoperability and openness are cornerstones to a virtual world that is seamless in its application and utility to its users. With the big technology companies investing in the Metaverse in disjointed initiatives, do we need regulation to ensure open standards?
The music industry was among the first to be disrupted by the Metaverse. There is immense potential in performing and monetizing music in a virtual world, but traditional approaches to rights clearances, linear ownership patterns and subscription streaming channels will be forced to undergo a paradigmatic shift. Performance Rights Organizations in Canada such as SOCAN and Re:Sound will have their task cut out in achieving international compliance.
- How is the Metaverse likely to evolve?
- Challenges to and possibilities of interoperability in the Metaverse;
- How will music licensing and rights clearances change in the Metaverse?
- How will copyright collectives respond? Can they?
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