Caroline Hill, Gregor Pryor, Dan Jasnow and David Woolstencroft come together to discuss the metaverse and decentraland. So, what exactly is the metaverse? Many people have different views on the metaverse. It is a combination of different technology, blockchain, hardware that allows people to live in the virtual world and interact and communicate like you would in the real world. Would you say the metaverse is a replication or an improvement of the real world?
David mentions how important it is for law firms to have an awareness, understanding and ultimately a presence on the consumer technologies and platforms. While it is predicted that they will be a great amount of advisory work, it is crucial for law firms and legal advisors to consider potential legal issues which David talks about in the podcast.
Furthermore, Gregor talks about the difference and sophisticated experience that the metaverse can bring: the crossover of real-life and virtual life, the transactional aspect, the need to abide by the laws of different countries and the contractual laws that the operator puts in place. Interestingly, how would the laws of different countries apply to the metaverse?
Dan mentions how his company, ArentFox Schiff, is building their office in the metaverse for future virtual conferences whilst delving into the data protection perspective, highlighting some uncertainties and questioning who has the access and right to the consumer data? Are my ownership recorded? Can we sell that on a secondary marketplace? Are we given a license to display my IP? How are we ensuring that clients are protected?
Listen to the podcast below and find out more about why law firms should be more involved with the metaverse moving forward to add value to clients’ businesses.
🎧 Link to the podcast: 'What are Law Firms Saying About the Metaverse' 🎧
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