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Government does not want to regulate Metaverse, Web 3.0

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HIGHLIGHTS :

  • The government has made a strategy regarding Artificial Intelligence and Blockchain
  • Web 3.0 is believed to be the next era of the Internet
  • Facebook company Meta files trademarks for Web 3 services.

It is being said that the metaverse will take internet parity to a whole new level. Creators like the gaming industry are expected to be a major contributor to the growth of the metaverse.

The government has made a strategy regarding Artificial Intelligence and Blockchain

The central government has said that it has no plans to regulate Metaverse or Web 3.0 as these are emerging technologies. Minister of State for Finance Pankaj Chaudhary has given this information in Parliament. The Information Technology Act exists to regulate the technology sector in the country and because of this, the government does not want to introduce regulations for new segments like the metaverse.

Web 3.0 is believed to be the next era of the Internet

Finance ministry sources say that they are aware of new technologies like Artificial Intelligence, Blockchain, Drones, Augmented Reality, Metaverse, and Web 3.0. The government has made a strategy regarding artificial intelligence and blockchain. The metaverse is a type of virtual world. It will be capable of delivering an Augmented Reality (AR) experience. It is gaining popularity among people and brands who want to connect different communities in one place. It is being said that the metaverse will take internet parity to a whole new level. Creators like the gaming industry are expected to play a major role in driving the metaverse forward. JP Morgan, one of the global banks, has launched a lounge in the blockchain-based virtual world ‘Decentraland’. With this, it has become the first major bank in the metaverse.

Facebook company Meta files trademarks for Web 3 services

Web 3.0 is considered to be the next era of the Internet. Facebook’s company Meta has filed eight trademark applications for providing Web 3 services. These include a dating app specially designed for crypto investors. This is part of Meta’s efforts to strengthen its position in the crypto and network segments.

Meta plans to bring new products and services on blockchain technology that work for the Web 3 industry. The company is expected to launch new social networking platforms, computer software, e-commerce services, telecom services for digital asset holders as well as offer meta-related advertising platforms.

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