Credit: PopTika/Shutterstock.com Cybersecurity, Privacy and Constitutional Concerns: Risks to Know Before Entering the Metaverse
The Metaverse will be the next version of the internet that provides an immersive virtual experience. But for now, the extent to which Metaverse technology will be integrated into our physical world remains unknown, which raises new concerns about data privacy, cybersecurity, new cybercrimes, and constitutional issues.
March 29, 2022 at 07:00 AM
7 minute read
Risk and Compliance
The "metaverse" can be defined as a simulated digital environment that uses augmented reality (AR), virtual reality (VR), and blockchain, along with concepts from social media, to create spaces for rich user interaction mimicking the real world. In late 2021, Facebook changed its name to Meta Platforms as a symbol of its leadership in the Metaverse frontier. Another corporate giant, J.P. Morgan Chase, the largest bank in the U.S., opened Onyx Lounge, a bank in the Metaverse, where it projects the Metaverse market will reach over $1 trillion dollars in annual revenue in the coming years. From rappers like Meek Mill, Snoop Dogg and Jay-Z promoting the purchase of NFTs, to the NBA All-Star Game awarding contestants with Bitcoin, the Metaverse is becoming a hot topic. But what is the Metaverse?
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