WEF initiative seeks to build “equitable and safe metaverse”
It is convening organisations across the public and private sectors, experts and academics to accelerate development of governance and policy frameworks.
The World Economic Forum (WEF) has announced an initiative to build an equitable, interoperable and safe metaverse at its annual meeting in Davos, Switzerland.
Defining and Building the Metaverse seeks to engage organisations across the private and public sectors, including business, civil society, academia and regulators.
Policy frameworks
According to Bloomberg Intelligence, the metaverse is expected to grow into an $800bn market by 2024.
WEF highlights how, at this early stage, the metaverse can develop in many ways, depending on research, innovation, investment and policy. The initiative convenes more than 60 leading technology and other sector companies, including Microsoft, Meta Platforms, the Lego Group and Walmart alongside experts, academics and civil society to accelerate development of governance and policy frameworks for the metaverse and strengthen economic and social value creation opportunities.
The initiative follows WEF’s announcement earlier this week that it is building a “Global Collaboration Village” – harnessing the potential of the metaverse – as the virtual future of public-private cooperation.
In collaboration with Accenture and Microsoft, the aim is to provide immersive spaces where stakeholders can “convene, create and take action” on the world’s most pressing challenges.
“This will help ensure that we can fully harness this vital medium for social and economic interconnectivity in an inclusive, ethical and transformative manner”
“The Defining and Building the Metaverse initiative provides the industry with an essential toolkit for ethically and responsibly building the metaverse,” said Jeremy Jurgens, managing director, World Economic Forum.
“This will help ensure that we can fully harness this vital medium for social and economic interconnectivity in an inclusive, ethical and transformative manner.”
It will focus on two key areas. The first is the governance of the metaverse, how the technologies and environments of the metaverse can be developed in safe, secure, interoperable and inclusive ways. The second will focus on value creation and identify the incentives and risks that businesses, individuals and society will encounter as the metaverse comes to life.
“Done well, the metaverse could be a positive force for inclusion and equity, bridging some of the divides that exist in today’s physical and digital spaces,” said Nick Clegg, president of global affairs, Meta Platforms. “That’s why the Defining and Building the Metaverse initiative will be so valuable.
“As an industry it is incumbent upon all of us to ensure this new paradigm is developed in a way that is accessible for everyone”
“It mustn’t be shaped by tech companies on their own. It needs to be developed openly with a spirit of cooperation between the private sector, lawmakers, civil society, academia and the people who will use these technologies. This effort must be undertaken in the best interests of people and society, not technology companies.”
Brad Smith, president and vice-chair, Microsoft Corporation, added: “While the metaverse is in its nascent stage, we believe it has the potential to deliver enhanced connections for everyone.
“As an industry it is incumbent upon all of us to ensure this new paradigm is developed in a way that is accessible for everyone, puts the needs of people first, enhances human connection and is developed securely with trust built in by design.”
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