World Economic Forum launches initiative to build a better Metaverse

With Davos buzzing with activity because of the World Economic Forum’s Annual Meeting, a surprising entry has made its way onto the agenda of the world’s most prominent platform for economics, the Metaverse.

The WEF lays the foundations for a new iteration of the Metaverse

In an initiative that seeks to bridge together key stakeholders to structure a path towards the best potential Metaverse, the Forum’s focus will be on two specific branches of this sector’s growth; Governance in the Metaverse and the creation of economic value through this new medium.

With research suggesting that the total valuation of the Metaverse may reach $800 billion by 2024, some of the most prominent private and even public institutions seem to have turned their attention towards the burgeoning area. Amongst the entities that have partnered with the WEF on this initiative, one may find Interpol, the United Nations Office for Counter-Terrorism, The governments of Singapore and Egypt, the Atlantic Council, Microsoft, Meta and more.

At this early stage, the metaverse can develop in many ways, depending on research, innovation, investment and policy. The new initiative convenes more than 60 leading technology and other sector companies alongside experts, academics and civil society to accelerate the development of governance and policy frameworks for the metaverse and strengthen economic and social value creation opportunities.

The first pillar of this initiative, that of governance, will focus on how the technology pertaining to the Metaverse and the concurrent communities that will be created on this platform may develop safely and securely in a way that benefits from interoperability and inclusiveness. The second pillar, that of value creation, will attempt to discover more about the opportunities and risks that individuals, ventures and society as a whole may encounter through the Metaverse.

Metaverse Stakeholder testimonies:

The debut of the initiatives has also included testimonies from some of the most prominent figures in the space such as Nick Clegg, President of Global Affairs at Meta and Brad Smith, President and Vice-Chair of Microsoft.

The metaverse is at an early stage in its development. Done well, the metaverse could be a positive force for inclusion and equity, bridging some of the divides that exist in today’s physical and digital spaces. That’s why the Defining and Building the Metaverse initiative will be so valuable. It mustn’t be shaped by tech companies on their own. It needs to be developed openly with a spirit of cooperation between the private sector, lawmakers, civil society, academia and the people who will use these technologies. This effort must be undertaken in the best interests of people and society, not technology companies. – Nick Clegg, President of Global Affairs, Meta

While the metaverse is in its nascent stage, we believe it has the potential to deliver enhanced connections for everyone. As an industry it is incumbent upon all of us to ensure this new paradigm is developed in a way that is accessible for everyone, puts the needs of people first, enhances human connection and is developed securely with trust built in by design. It is for this reason that we are proud to participate in this cross-industry collaborative body that will define the standards for the metaverse, – Brad Smith, President and Vice-Chair, Microsoft

AIBC Americas debuts in Toronto:

Following the massive success that was AIBC Asia, the Summit’s first ever physical debut in the Americas is set to take Toronto by storm this June. Uniting the best and brightest in the emerging tech world, AIBC Americas will feature leading policy makers, executives, technologists and visionaries in groundbreaking areas such as AI, Blockchain and Quantum Computing. The Summit will be composed of three days of thought-leading panels, inspiring keynotes and a massive amount of opportunities to network, leaving our delegates several steps closer to the Fourth Industrial Revolution.

Join us from the 6th till the 9th of June in Toronto!