Metaverse and Its Implication in Law and Business

Johan, Suwinto

doi:10.14710/jhp.10.2.153-166

Cited by 8 publications

(3 citation statements)

References 13 publications

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“…1) Regulatory framework: Metaverse worlds require the implementation of different laws and the current laws and regulations need to make implementation adjustments in the metaverse worlds [93]. There is no agreed-upon regulatory framework for the urban metaverse ecosystem.…”

Section: Challengesmentioning

confidence: 99%

MetaOmniCity: Toward Immersive Urban Metaverse Cyberspaces Using Smart City Digital Twins

Kuru

2023

IEEE Access

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The movie -The Matrix (1999) -boosted our imagination about how further we can be immersed within the cyber world, i.e., how further the cyber world can be indistinguishable from the real world. Nobody, including the creators, had expected that the aspirational fictional virtual worlds such as ''ActiveWorlds (1995)'' and ''Second Life (2003)'' would impact the way of experiencing our real urban environments with many urban experiences embedded into a rich featured 3D environment. Are we going to stay as ourselves while existing in a mirror world? Are the fabricated, created imaginary worlds becoming a part of real worlds or vice versa? The recent once-in-a-lifetime pandemic has confirmed the importance of location and time-independent Digital Twins (DTs) (i.e., virtual scale models) of cities and their automated services which can provide everybody with equity and accessibility. This study analyses how the metaverse (3D elevation of linear Internet), that aims to build high-fidelity virtual worlds with which to interact with, can be engaged within the Smart City (SC) ecosystem with high immersive Quality of Experiences (QoE) leading to increased Quality of Life (QoL). An urban metaverse ecosystem framework -MetaOmniCityis designed to demonstrate a variety of insights and orchestrational directions for policymakers, city planners and all other stakeholders about how to transform data-driven SCs with DTs into virtually inhabitable cities with a network of shared urban experiences from a metaverse point of view. MetaOmniCity, allowing the metaversification of cities with granular virtual societies, i.e., MetaSocieties, and eliminating the boundaries between the real world and their virtual counterparts can be shaped to the particular requirements and features of cities. Urban metaverse shared worlds, an extension of residents and urban society, where the virtual and the physically real blend and are more organically integrated, would impact urban ways of living significantly with many practical implementations. This would open doors for potential businesses with tremendous global economic value by democratising skills/assets within an urban environment, paving the way for immersive globalisation with the bigger and richer metaverse of Country (MoC) and metaverse of World (MoW) being an immersive DT of the broader universe with tangibly connected cities. MetaOmniCity is expected to accelerate the building, deployment, and adoption of immersive urban metaverse networks for citizens to interface with as an extension of real social and individual experiences.INDEX TERMS Metaverse, smart city (SC), digital twins (DTs), avatars, blockchain, augmented reality (AR), virtual reality (VR), web 3.0, web3.

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Section: Challengesmentioning

confidence: 99%

MetaOmniCity: Toward Immersive Urban Metaverse Cyberspaces Using Smart City Digital Twins

Kuru

2023

IEEE Access

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“…Johan (2022) examines the sociological effects of a transition into the metaverse and considers how legal consequences manifest in the metaverse, how laws are implemented in the metaverse and the impact of the metaverse on business and legal standards. As the metaverse constitutes a self-materialising world that no legitimate government can reign over, the effect of most common legal provisions cannot extend as far as many might hope (Johan, 2022). Although moral standards in real life may be affected by the prevalence of the metaverse, people may also bring their real-life solutions to the metaverse (Grinbaum and Adomaitis, 2022, p. 268).…”

Section: Literature Reviewmentioning

confidence: 99%

“…They consider the legal challenges with law enforcement in such a space, specifically, when the issues of jurisdiction applicability still appear unresolved. Johan (2022) examines the sociological effects of a transition into the metaverse and considers how legal consequences manifest in the metaverse, how laws are implemented in the metaverse and the impact of the metaverse on business and legal standards. As the metaverse constitutes a self-materialising world that no legitimate government can reign over, the effect of most common legal provisions cannot extend as far as many might hope (Johan, 2022).…”

Section: Existing Frameworkmentioning

confidence: 99%

Accounting meets metaverse: navigating the intersection between the real and virtual worlds

Pandey

Gilmour

2023

JFRA

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Purpose The “metaverse” is the new buzzword. With the phenomenal growth of the metaverse comes accounting, taxation and jurisdictional challenges, which business and governments have yet to fully address. This paper aims to highlight and rationalise the lack of regulatory framework and multiplicity of jurisdictions on metaverse transactions. This paper addresses some of the complications with respect to accounting and taxation in virtual environments. Design/methodology/approach This study relies on secondary data and emerging literature to understand the multiplicity of jurisdiction and complexity of the accounting transactions. The concept of the metaverse is rapidly evolving, and this study uses extant literature to provide the foundation for understanding the key challenges relating to accounting and taxation. Findings Concepts of revenue recognition and deferment are challenged by the transactions in the metaverse. There are novel applications, underpinned by emerging technologies and blockchain supporting new crypto assets, such as non-fungible tokens and other decentralised finance (DeFi) tools; however, the caveats of anonymity and jurisdictional issues persist. The paper suggests that the industry must adapt to the unique reporting requirements of these assets and develop new standards for evaluating their value for financial reporting purposes. The paper emphasises the need for a case-based approach in the absence of standardised regulations for the accounting industry in the metaverse. Originality/value This paper adds original contributions to extant literature of the metaverse and advances ongoing debates into the accounting and taxation issues pertinent to the metaverse and DeFi.

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