The legal sector adapts to the future of the Metaverse: opportunity or risk?

Virtual and augmented reality is already a reality. More and more companies from different sectors It settles in metaverses. Citizens begin to form part of this new way of life, where There are no physical boundaries or barriers. Buying a car, a house, a plot of land, working, having a coffee, going to a show, having a meeting… anything is possible in this new environment. Twitter founder, Jack Dorseysold a virtual copy of his first post on the social network by auction, and got Total $2.9 million. A digital image of a Gucci bag has been sold The equivalent of 4000 dollars in virtual currency, double its cost in real life. This makes legal experts look Legal implications that may exist In this form of social, economic, labor and even commercial interaction.

Controversy over whether It is necessary to make laws or adapt existing lawseven if it is an opportunity or a risk to have a digital space to offer your services – just like big companies like ZaraAnd Louis Vuitton also Hyundai– Already open. Specifically on this last point there is no unanimous opinion in law firms. Probably because of the initial state the metaverse is in. already internationally There are law firms that have opened their virtual offices, such as Americans Arent Fox, Grungo Colarulo, Falcon Rappaport & Berkman; Canadian Greenhouse Law; Or the Brazilian Viseu Advogados. In Spain, Vicox Legal, a specialized law firm in Marbella, was the first to make this commitment blockchain and cryptocurrency, which opened its digital headquarters in September 2021.

The concept of the metaverse was coined in 1992 by an American writer Neil Stephenson In the novel Snow Crash, it refers to an environment in which humans interact socially and economically as avatars in cyberspace. But it has now become fashionable, after the founder Facebook (renamed Meta) Mark ZuckerbergIt launched its own virtual space. The truth is that it is not the only one out there and not the first. technology Linden Lab Developed in 2003 community second life which is still running. In it, some legal firms already had a presence, including to the Bar AssociationSecond Life, Bar. Even with this experience, at the moment, the vast majority of law firms do not see the need to enter the virtual world.

A position not shared by the managing partner of Vicox Legal, Vincent Ortizwho sees the metaverse as an emerging field for all of these Lawyers specializing in new technologies and digital assets. Speaking to La Información, the lawyer highlights that the interaction that takes place on virtual platforms is ‘Just like real life’. In fact, he remembered that before buying his plot Decentraland – In which they also invested JP Morgan also coca cola- And to “construct” a building where he could provide his legal services, he had to make a study to choose “the best neighborhood and good crowded street”. With all this, Ortiz asserts that he initially understood virtual reality as A marketing tool “to attract customers and to be close to the community”but his expectations were more than met, which is why he now defines it as a “correct” and “strategic” environment for his career development.

Like any business, services and goods have a cost. In the “other universe”, everything is measured NFT’sAnd Icons Non-replaceable (units of value) powered by technology blockchain -Like cryptocurrencies – and you have a file Digital Certificate of Authenticity. In this way, Ortiz and his team provide and provide their legal advice. So, to boost your work in the metaverse, try Transferring real opportunities to the virtual world, and take advantage of occasions that require their legal knowledge. Along those lines, on the occasion of the just-started Renta campaign, which this year includes the novelty of having to Authorization to the Treasury of owned crypto assetsIt has launched a limited offering of its services (NFTs) to virtual clients.

legal questions

But just as happens in physical reality, interactions between people (or avatars) or economic and commercial relationships can have sticking points. For example, in December 2021 user Horizon worldsthe Meta platform which is in the testing phase in the United States and Canada, denounced First case of sexual harassment. Also, a French fashion brand Hermes Or the sports giant? nike They have already gone to court to create photos of their products without your consent. In this sense, experts suggest how to deal with other legal problems that may arise in this alternative world related to Personal data protection and the Lack of security around digital identity; or the Fraud and theft of digital goods. Therefore, they caution that laws should be adapted to cover all situations that may occur.

Experts suggest how to address legal problems that may arise in virtual reality related to the protection of personal data and the insecurity in relation to digital identity; o Fraud and theft of digital goods

This is how he exposes her Marilyn EstevezPartner and Director of the Litigation, Mediation and Arbitration Department of RocaJunyent, who confirmed in statements to this newspaper that due to the “initial stage” in which Metaverso finds himself, “opening”Just like when the internet started. In this case, in his opinion, Existing laws resolve disputes When they appear, though he argues that they are adapting little by little to this new way of communicating, communicating, and even finding Alternative Resolving Mechanismssuch as mediation or arbitration. At this point, remember that the regulations have already been modified as required by the advancement of technology, the digital economy, and cybercrime.

However, the lawyer warns of the speed with which virtual reality is cemented, which will happen Review “case by case” To see if you can go to current regulations, to competition rules in international law, and clarification which will have jurisdiction To find out, because it is something that will happen in a digital and decentralized world. As Estevez points out, “There is no single metaverse type”, so it will be necessary to know how the platforms progress and how they work, “if they are from one sector or a hybrid”, as well as whether the goods of one can be used in others. For this reason, “many questions” are asked about “what will happen Concepts like ownership and possession? how will it look Affected intellectual property, taxes and privacy Who are the users? “

“Currently, Everything will have to be settled in court,” concludes Estevez. However, this is another question experts ask themselves: If the crime or conflict occurred on a virtual platform, Can it be judged in that other reality? And how is that done? According to Ortiz, work is already underway to create mechanisms that allow the implementation of digital court of justice, How could it be Clairus, A platform that has been in operation since 2017 to perform decentralized arbitration services, where a jury of experts is randomly assigned to analyze the situation and vote on the verdict.

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