Metaverse in 2023: legal considerations and actions

Now we are well into the new financial year, it is a good time for Australian companies to reassess their metaverse strategies. While generative artificial intelligence has stolen the spotlight and continued to gain momentum, the metaverse remains relevant and is likely to present additional opportunities as its underlying technology develops.

There is not a universally accepted definition of the metaverse, but it is generally known as expansive and immersive digital space where users can interact with each other, engage in activities and access content through virtual reality or augmented reality technologies.

Since 2022, we have seen increasing coordination by organisations and companies to develop open interoperability standards essential to fostering an open and inclusive metaverse. This includes the Metaverse Standards Forum, which is comprised of various exploratory and working groups on issues such as Digital Asset Management, Real/Virtual