The Whitepaper, developed with support from the Australian Commonwealth Government, explores the opportunities and risks stemming from the Metaverse, its potential impact on society and the economy.
More importantly, it addresses measures that must be put in place to mitigate these risks and the need for, and role of, standards. With the potential to generate up to US$5 trillion by 2030, the Metaverse refers to interconnected virtual worlds that enable users to explore new places, interact with other consumers and experience new things in an immersive digital environment.
Deemed the next iteration of the internet, it is set to change the way in which individuals interact with the world around them. The Whitepaper highlights Australia’s potential to be a global leader in the safe deployment of the Metaverse, paving the way for innovation and shaping industries, while setting a benchmark for the world in this space.
The authors suggest that to meet its potential and prevent targeted influence and manipulation in the Metaverse, Australia must build upon existing work in the areas of Online Safety and Safety by Design.