A Metaverse Pitch to the Legal World with Answers to the Most Obvious Questions

Wander, travel, explore – all from the comfort of your home. Does that sound like an oxymoron? Yes. But it is also a phenomenon that is 100% possible. The forced lockdowns during the pandemic might have shut us all indoors, but it all but brought the world to our living rooms. And right there, between sessions exploring the Louvre’s collection from New Delhi and virtually stepping into the sprawling forests of the Redwood National Park in California, we got used to the Metaverse, yet another enterprise that allowed us to move beyond the confines of our computer screens, yet remain anchored – well, at least geographically.

Unlocking Possibilities in Experiences 

Whether we wanted it or not, regardless of if we were even prepared for it, the Metaverse has now pushed us into a future where our actual living world is replicated and adapted to the virtual realm. Even as you read this, experts are working round the clock to move the tactile to the virtual, accommodate human interactions there, and may be even conduct whole governments and economies in the digital sphere. Why? Well, may be because we can? But what seem far more pressing are the answers to the ‘hows’: How will the Metaverse function? How will legal systems around the world adapt themselves in the metaverse? And how lasting will the impact be? Before we can evaluate how the metaverse is going to shape our futures in the coming years, and how the legal world can benefit from it all, we, at BIGFORMULA Solutions believe that it is important to familiarise oneself with the very essence of the metaverse and all the possibilities it holds within its (as of now) abstract and ethereal folds. So here goes:

What is the Metaverse?

The term ‘metaverse’ was first found in the 1992 sci-fi novel Snow Crash by writer Neal Stephenson. The ‘Metaverse’ is largely understood to be the iteration of the Internet – a holistic, immersive, virtual world that is facilitated using Virtual Reality (VR) and Augmented Reality (AR) headsets – a network of 3D worlds that prioritise social connections – i.e., fertile, breeding grounds for businesses that customer centric or people oriented.

The more recent forays into the metaverse are a result of the increased interest on Web 3.0 – a more decentralised and democratic version of the Internet we all know and love. In many instances it is the same as the ‘cyberspace’ but in others, it is so much more. It provides a variety of immersive and interactive experiences that have completely changed how we engage with one another and digital content.

How Does the Metaverse Impact the Legal and Justice Systems Around the World?

While some contend that the Metaverse will displace the real world, others are adamant that it will only add to it and provide a different means of interaction with it. In any case, there is no doubting that the Metaverse, despite being debatably in its infancy, has already had a significant impact on our lives. In the coming days, many people in the corporate world will use the Metaverse in a variety of ways. And whether lawyers like it or not, the legal sector is also being dragged into the Metaverse.

People in the Metaverse interact, transact, possess resources and things, form relationships, develop, run businesses, create intellectual property (IP), address copyright issues, and promote themselves, just like they do in IRL (In real Life). The Metaverse is not immune to crime or any of the other problems that exist in the real world. With every new development, it is becoming increasingly clear that the Metaverse might just prove to be a legal minefield – unexplored, untapped, and full of both threats and possibilities.

Legal and Judicial Entities in the Metaverse 

Despite initial hesitation, lawyers decided to take the plunge and collaborate with computer professionals to construct the Metaverse in 2022. Lawyers have been sharing the stage in the Metaverse with some of its largest proponents, working on the numerous questions surrounding it, including how laws will apply in the digital environment and how persons, firms, and businesses may defend themselves in the virtual space. The more we explore the potentials in Web 3.0, the more experts like us at BIGFORMULA, have come to understand that the Metaverse has ultimately provided lawyers with a new platform through which they may work together, grow their companies by connecting with clients in various geographical locations, share documents digitally, and exchange ideas. It has made it simpler for attorneys to collaborate on challenging cases, conserve time and resources, and occasionally even cut costs—all while remaining up to date on the most recent advances on both the legal and technology fronts.

And that is a win-win we cannot let pass us by!