Metaverse, NFTs & Blockchain: Navigating The Potential Risks

Soumya Gupta Jul 05, 2022

While the three big buzzwords of the tech world, Metaverse, NFTs and Blockchain, are ruling the roost with their distinct offerings, they are also helping each other grow at a lightning speed. At the same time, they are also coming wrapped up with a plethora of challenges that perhaps need immediate attention.

At the BW Legal General Counsel Top 100, we were joined by Bhagyashree Pancholy, General Counsel, Lano Software GmbH; Dr Pavan Duggal, Advocate, Supreme Court of India & Chairman, International Commission on Cyber Security Law and Arvind Gopal, Senior Legal Counsel, Bharti Airtel for an invigorating chat. The experts deliberated on how these three terms are impacting different sectors, the common legal issues involved and how companies can prepare themselves better for the future.

They agree that there is a certain degree of pull attached to the metaverse that is also being seen as the flavour of the current times. However, from a legal lens, it will come out as a whirlpool that will have a large number of stakeholders stuck in it.

They unanimously raise some very pertinent questions- Is a person's digital avatar legal? Can we recognise this avatar legally? Assuming that it is legal, how will companies work on metaverse contracts? What about metaverse crimes? What kind of cyber security mechanisms will be there and whose responsibilities is it going to be?

From a legal standpoint, we must tighten our belts, they emphasise. We must realise that the digital environment was never taken into consideration when the laws were being made, which is a problem at the grassroots. Tech is and will always be 20 steps ahead and laws would need to catch up as quickly as possible.

Watch the insightful discussion on the link below: