The Metaverse offers vast potential, from improving communication and entertainment to boosting scientific collaboration and solving complex problems. This digital revolution is transforming the way we interact and explore the world around us.
In this post, we present a summary of the most notable news of the week, in a summary format so that you do not miss the key points.
The Metaverse under the magnifying glass: FINRA extends its regulation to the virtual world
The Financial Industry Regulatory Authority (FINRA) has reminded companies that both its regulations and government laws also apply to their activities in the Metaverse.
In a recent report, FINRA noted: “Firms should take into account potential regulatory implications as they consider incorporating the Metaverse into their systems and product offerings.”
💡 New research conducted by @FINRA‘s Office of Financial Innovation uncovers the growth of the #metaverse and it’s potential to play a meaningful role within the securities industry. Explore what many view as the next evolution of today’s internet and how it may impact business… pic.twitter.com/fmbJb1plyF
— FINRA (@FINRA) October 24, 2024
Additionally, the report projects global Metaverse revenue of up to $800 billion by 2024 and a potential contribution to global GDP of more than $3 billion in 2031. Although the Metaverse is often associated with video games, FINRA highlights its potential in the financial sector, with applications such as data visualization, digital twins and virtual commerce. However, this growth poses significant security and privacy challenges.
Survive or perish: The crossroads of an avatar in the Metaverse
Jaroslav Hory, creator of the Metaverse in the Czech Republic, proposes an innovative concept: allowing users to remain digital avatars after their death. The idea is to record personal data using virtual reality to create a digital representation that is as faithful as possible of the individual.
Through virtual reality, aspects such as appearance, voice, gestures, interests and memories are collected. This digital avatar could continue to exist in the Metaverse, offering friends and family the chance to interact with a virtual replica. However, this idea raises profound questions about identity, mortality, and technology, and its ethical, legal, and social implications need to be approached with caution.
The Metaverse: A golden age or a dangerous trap for teenagers?
A study from Florida Atlantic University (FAU) in collaboration with the University of Wisconsin-Eau Claire reveals that adolescents, especially girls, are vulnerable to harassment and exploitation in the Metaverse.
According to the study, 44% of participants reported being victims of hate speech and more than 35% experienced harassment. Additionally, 18% were victims of doxing (public exposure of personal information without consent) and nearly 30% reported harassment related to their physical appearance, sexual orientation or political beliefs. This panorama highlights the urgent need to implement effective protection measures for young people who frequent these virtual spaces.
Atlético de Madrid moves the Metropolitano to the virtual world
Guardians Of The Ball (GOB), a pioneering virtual environment for football fans, has announced the addition of Atlético de Madrid to its Metaverse.
Atlético de Madrid arrived to the Football Metaverse ⚽️❤️
📍 Atletico de Madrid fans will have a virtual venue to socialize soon, connecting to the Virtual Riyadh Air Metropolitano, and they will be able to customize their avatar with the official Digital Assets.
🏟️The digital… pic.twitter.com/IkhJK9RI7k
— GOB – Guardians Of The Ball (@GOBVirtual) October 25, 2024
Virtual visitors will find interactive challenges, mini-games, official merchandise stores and the possibility of experiencing matches in a 3D Riyadh Air Metropolitan stadium in digital format. Óscar Mayo, Atlético’s director of revenue and operations, commented: “We are delighted to be part of the Guardians Of The Ball ecosystem, an extraordinary opportunity to expand our digital presence.”
For his part, Alan Cura, CEO of GOB, highlighted: “Atlético de Madrid reinforces our mission of connecting clubs and their fans in a new form of digital entertainment.”
INCADE presents its own Metaverse in Argentina
During the INCADE Expo in Posadas, Argentina, students and teachers of the institution presented their own Metaverse. This project, led by professors Carlos Palombo and Eduardo Figueredo, positions INCADE as a pioneer in the teaching of emerging technologies.
Carlos Palombo highlighted: “Today we demonstrate that our institution is at the forefront.” Eduardo Figueredo explained: «The Metaverse is an adaptable space, which enhances the transmission of knowledge. “We want the students themselves to design it, so that they acquire practical skills and are better prepared for the labor market.”
I say goodbye with this phrase from Jeremy Bailenson: “The Metaverse is a space in which our digital identities can merge with our human essence.”
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