1st ever Metaverse Standard whitepaper by Standards Australia and X Reality Safety Intelligence (XRSI) – May 2023

The Metaverse is a network of interconnected virtual worlds enabled by several converging technologies, including Extended Reality, Artificial Intelligence, Decentralised Ledger Technologies, and neuro-technologies. The Metaverse is a persistent and immersive simulated world that has the potential to generate up to US$5 trillion in value by 2030. There are many risks related to the Metaverse, including Human Risks, Societal Risks, Regulatory Risks, Legal Risks, Information Risks, and Financial Risks.

Those at risk include children and young people, disadvantaged communities, the elderly, individuals with disabilities or health conditions, and businesses and organizations. The Metaverse may need standards for security, privacy, accessibility, content creation, intellectual property, governance and regulation, ethical and moral standards, interoperability, and child safety. Australia may also want to focus on responsible AI and Child Safety Standards.

The Metaverse is a marketing term for Virtual Reality and Augmented Reality, which implies a significant social component. XRSI defines the Metaverse as, here.