Digitalization never ceases to amaze. In addition to basic, now well-known concepts such as virtual reality and cryptocurrency, projects such as Metaverse and Cosmos are also developing rapidly. This article will be about them today.
What is Metaverse?
Metaverse is a virtual world that exists on the Internet and differs in that it is more interactive than usual games. In Metaverse, people can create their own characters, interact with other users, build virtual objects, visit various virtual locations, and even develop their own digital assets. This is a kind of digital reality, where the possibilities are limited only by the imagination of the users. Metaverse can use artificial intelligence, augmented reality and blockchain technologies to create interactive virtual worlds.
Thus, an example of a Metaverse can be a virtual world created in-game platforms or social interaction platforms.
For example:
Roblox: it is a gaming platform where players can create their own games, build worlds, create their own characters and their own virtual goods, and interact with each other.
Second Life: a three-dimensional virtual world with elements of a social network where users can create their own characters, build virtual objects and interact in real-time.
Decentraland: is a decentralized platform built on the blockchain where users can buy, sell and interact with virtual real estate and other digital assets.
These examples demonstrate the diversity of the Metaverse, where participants can interact in virtual spaces created for entertainment or even economic transactions.
What is Cosmos?
Cosmos is a blockchain platform aimed at creating interoperable blockchain networks. Its main goal is to ensure the ability of different systems or technologies to cooperate in order to exchange data and assets. Cosmos uses the "Hub and Zone" concept, where the Hub is a blockchain that connects other blockchains (Zone) into a single network.
This platform allows projects to create their own blockchains and interact with other blockchains in the ecosystem. Cosmos is also designed to solve problems of scaling and speed, which are relevant for many projects.
How can Metaverse and Cosmos interact with each other?
The connection between Metaverse and Cosmos can open new horizons for virtual reality and blockchain systems.
For example, the main purpose of Cosmos, as a blockchain platform, is to ensure correct interaction between different blockchains. In the context of the Metaverse, this means that virtual objects created on different systems can exist and interact in a single vast digital world united by several different platforms. That is, if Cosmos blockchains will be used in Metaverse game worlds, it can create unique opportunities for players. After all, they can have access to different game worlds, exchanging resources, characters, etc.
Such a relationship can contribute to the development of more complex, realistic and interactive virtual worlds, where blockchain plays a key role in ensuring the security, interaction and management of digital assets.
And what about legal regulation?
The Metaverse is a virtual world spanning a variety of digital domains and platforms. This virtual space is distinguished by the absence of physical restrictions or dependence on national laws. Therefore, the issue of legal regulation is quite acute, because Metaverse is not limited by the law of any specific country. There are various discussions around this issue, and some scientists even propose to implement the so-called electronic jurisdiction. Its essence will consist in the unified regulation of Metaverse by creating electronic courts, administrative bodies, legal frameworks, as well as mechanisms for ensuring the execution of electronic court decisions.
With the legal regulation of Cosmos, the issue is somewhat simpler, given the fact that it usually falls under the legislation on cryptocurrencies and blockchain.
If we imagine a situation where the interaction of Metaverse and Cosmos is still possible, then the legal regulation should include several key aspects:
Classification of digital assets. Since Metaverse virtual worlds can contain a variety of digital assets, it is important to determine how they will be classified from a legal perspective. After all, digital assets may be subject to various legal acts, and this may affect their circulation and use in the Metaverse.
Licensing and exchange regulation. If Metaverse virtual worlds use Cosmos blockchains to exchange digital assets, licensing and regulation issues may arise for the exchange of these assets.
Copyright and Ownership. Since the virtual worlds of Metaverse are based on the creation and exchange of virtual objects, the question of determining the copyright for objects of intellectual property law will inevitably arise. Legal regulation should define what rights to digital assets players, developers and other members of the Metaverse have.
Investor protection. If Metaverse participants make investments in digital assets, it is important to establish mechanisms to protect investors and regulate ICOs and other forms of financing in this context.
Summary
The term "Metaverse" is broad and encompasses all aspects of the virtual world, from online games and social platforms to virtual stores and workspaces.
Cosmos is a blockchain platform designed for the development of interoperable blockchain networks and data exchange.
To date, the interaction between Metaverse and Cosmos has not been concretely implemented, as the two concepts may have different goals and technical characteristics.
However, it is possible that in the future solutions or projects will be developed that combine both concepts. More and more blockchain platforms are considering interfacing with virtual worlds or the Metaverse to expand functionality and leverage digital assets.
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