The WGS has released a report titled ‘Governing the Metaverse’ to help unlock the potential of Web3 technology

The World Government Summit (WGS) has partnered with consulting firm Arthur D. Little to release a report called “Governing the Metaverse,” which explores the vast potential of the Metaverse in fields such as energy and utilities, healthcare, manufacturing and education, and proposes policy recommendations to drive sustainable growth, investment solutions and community empowerment within virtual and augmented reality environments.

The report emphasizes the need for governments and regulators to address the decentralized nature of the Metaverse across Web3 technologies by establishing standards for multi-sourced data and legislation to ensure a sustainable ecosystem. In the long term, the Metaverse has the potential to reduce costs and improve access across four major domains of food, housing, healthcare, and education.

The report outlines four key priorities for government action, including the establishment of Metaverse standards that allow for maximum participation, the introduction of laws and regulations for user and data protection, the implementation of policies and incentives to drive development and adoption of the Metaverse, and the building of necessary infrastructure through partnerships with the private sector.

By adopting these priorities, governments can unlock the potential of the Metaverse, drive sustainable growth, and empower communities within virtual and augmented reality environments.