We'll have more from the WEF tomorrow but for now it appears they think more highly of the metaverse than many folks do.
From the World Economic Forum, July 6:
1. Meta launches Meta Pay, a digital wallet for the metaverse
Meta has rebranded Facebook Pay as Meta Pay in the first step of a process intended to allow users to take their digital property with them when they move between metaverse spaces.
"In the future there will be all sorts of digital items you might want to create or buy – digital clothing, art, videos, music, experiences, virtual events, and more," Meta CEO Mark Zuckerberg said in a Facebook post announcing Meta Pay. "Proof of ownership will be important, especially if you want to take some of these items with you across different services."
Interoperability – the ability of users, or their avatars, to freely move between virtual spaces and take all the pieces of their digital personality with them – is widely seen as being critical to the potential success of the metaverse. This is because it will make moving around the metaverse feel more similar to being in the real world. It could be compared to needing only one log-in now for all the websites you visit – it would make the journey more seamless and user-friendly, but potentially also raise privacy and security concerns.....
....Discover
What is the World Economic Forum doing about the metaverse?
Experts believe that the metaverse will come to represent the next major computing platform, transforming consumer experience and business models across industries.
Fashion brands are one example. Over years, apparel companies have perfected the design, manufacture, and distribution of clothing to anticipate consumers’ wants and needs in line with seasonal changes. But today, most of their revenue is surpassed by the $3bn worth of sales of digital cosmetic items in Fortnite, which have a cultural significance that extends far into the physical world.This is one of the economic opportunities of the metaverse - the possibility to “assetize” digital content, creating a framework of digital ownership for users. If it is replicated at scale and across sectors, then entire industries will be reshaped by changes to their traditional value chains.
However, the promise relies on the advancement of several key technologies, including augmented, virtual and mixed reality (collectively known as XR), as well as blockchain, connected devices and artificial intelligence. How should these be governed in a way that promotes their economic upsides while protecting individuals’ safety, security and privacy?
It will recommend regulatory frameworks for good governance of the metaverse and study how innovation and value creation can be strengthened for the benefit of society. Updates will be published on the World Economic Forum website on a regular basis.....The World Economic Forum is bringing together leading voices from the private sector, civil society, academia and government to address this precise question. Over the next year, it will curate a multistakeholder community focusing on metaverse governance and economic and social value creation.
....MUCH MORE, including the eBay for the metaverse—("Dad, what's eBay?")
