Next Steps for Digital Worlds

16 Jan 2024 13:00h - 13:45h

Event report

Dive into virtual worlds and swim in a sea of untapped potential – the metaverse is expected to be worth $6 trillion-$13 trillion by 2030 with global revenues expected to reach $800 billion by 2024.

What are the gaps to close to go from boundless opportunities to realizing the metaverse potential?

Read more @ WEF 2024.

Table of contents

Disclaimer: This is not an official record of the WEF session. The DiploAI system automatically generates these resources from the audiovisual recording. Resources are presented in their original format, as provided by the AI (e.g. including any spelling mistakes). The accuracy of these resources cannot be guaranteed. The official record of the session can be found on the WEF YouTube channel.

Full session report

Nicola Mendelsohn

The metaverse has gained significant attention as the next iteration of the internet and computing platform. It offers an immersive and physically present experience in the digital world, going beyond glasses or goggles to encompass various processes and products. The metaverse enables innovation, development, and new possibilities in industries such as training, education, and collaboration. AI plays a crucial role in building the metaverse, and Meta continues to invest in AI and metaverse technologies. Safety and security are prioritized, and efforts are made to establish regulations. The metaverse has the potential to eliminate physical limitations, foster creativity, enhance learning, transform commerce activities, and enable new business opportunities. While the realization of a fully functional metaverse may take time, companies like Meta are committed to its development.

Julie Inman Grant

The concept of digital worlds, such as the metaverse, presents both benefits and risks. These virtual environments offer various opportunities for educational and sensory experiences through technology. Users can engage in immersive learning and explore new realms. However, there are also risks associated with the metaverse. These risks include increased intensity in various forms of harm, such as online bullying, misogynistic harassment, simulated violence, and sexual misuse. The metaverse creates a hyper-realistic, high-sensory environment, which could potentially lead to extreme harms.

To ensure the safety of users in the metaverse, it is crucial to include safety measures in the initial design stages. Emphasising the need for safety by design is essential, as the final form of the metaverse is not yet determined, and innovations are continuously emerging. By anticipating and mitigating potential risks and harms from the outset, regulators and companies have the opportunity to set up robust safety measures in the metaverse before harm can be done. This proactive approach is particularly vital given the negative experiences already reported by individuals in the metaverse, including users in Australia where 75% of men under 40 have experienced negative interactions.

The design and management of the metaverse should resemble the planning of a city, taking into consideration factors like sanitation, traffic, and parks. Safety by design should be prioritised over retrofitting safety protections after harm has been done. Countries also need to establish more online safety regulators to address the negative experiences reported by users.

Furthermore, there is concern regarding the remediation of harm in real time, especially concerning the usage of haptic technology by children. Striking a balance between technology usage and other aspects of life, such as interpersonal communication, exercise, and sleep, is crucial for overall well-being.

Another concern is the difficulty people may face distinguishing between their virtual world and reality. This blurring of boundaries poses challenges in terms of identity and emotional well-being.

In terms of regulation, there is a call for tech companies to self-regulate in line with principles of transparency, accountability, and user empowerment. It is believed that a collective effort of the tech industry can improve the future of the metaverse by harnessing the collective brilliance of those working in the field. Additionally, the intersection of geopolitics and technology is becoming more evident, highlighting the need for careful consideration of power dynamics and global implications.

Regulations should allow technologies to flourish while preventing harms. The formation of a Global Online Safety Regulators Network, with entities like the UK Ofcom and the Irish Online Safety Commission, demonstrates the increasing interest in digital safety regulation. However, the aim should also be regulatory coherence to prevent fragmentation and allow for consistent safety measures across different jurisdictions.

Prescriptive regulation in terms of content moderation might not work globally, as different regions and cultures have varying perspectives on what is acceptable. Therefore, there is a need to find a balance that respects cultural diversity while still addressing harmful content.

Overall, it is crucial to ensure the safety of users in the metaverse without diminishing human rights. The metaverse presents enormous potential, but careful navigation and a proactive approach are necessary to create a positive user experience and mitigate potential harms.

Heather Landy

During the pandemic, Facebook made the decision to rebrand itself as Meta, thus popularising the concept of the Metaverse or digital worlds. This move has propelled the idea of digital worlds into the mainstream consciousness. The speakers in the analysis highlight the potential of these digital worlds to offer unique and immersive experiences that surpass the limitations of physical activities.

One of the main arguments put forth is that digital worlds are not just substitutes for real-world activities; they can provide experiences that go beyond replication. For example, while physically attending an NBA game in Madison Square Garden is exciting, the speakers suggest that sitting courtside in the Metaverse could offer a completely different kind of interaction and experience.

The positive sentiment expressed towards digital worlds stems from the belief that they have the ability to provide novel and exciting experiences. The speakers envision digital worlds, such as the Metaverse, as platforms that can create their own distinct environments, enabling users to engage in activities that are not possible in the physical realm.

The decision by Facebook to change its name to Meta has significantly contributed to popularising the concept of the Metaverse. This rebranding demonstrates the company’s recognition of the immense potential of digital worlds and its commitment to exploring and developing this realm.

Overall, the speakers emphasise the transformative power of digital worlds and their capacity to surpass traditional physical activities in terms of the experiences they offer. The possibility of sitting courtside at an NBA game in the Metaverse is just one example of the endless possibilities that digital worlds can provide. The optimistic view expressed towards the potential of digital worlds serves as a catalyst for further exploration and development of this emerging realm.

Audience

The analysis explored various key points concerning the semiconductor industry and technology regulation. One of the concerns raised was the consolidation of semiconductors and its potential implications for information control. This consolidation raises concerns about the concentration of power and the ability of a select few to dictate the flow of information. Addressing this issue is crucial to ensure a diverse and open information ecosystem.

Global collaboration was identified as another crucial aspect in tackling the challenges in the semiconductor industry. It was acknowledged that regulations in this industry can impact both hardware and software. Controlling the chips provides individuals or entities with the power to influence and control the information circulating within them. Therefore, the speakers emphasized the importance of international cooperation in establishing frameworks and agreements that promote transparency, fair competition, and data security in the semiconductor domain.

The forum itself was considered an ideal platform to address and develop solutions for the geopolitical complexities in the semiconductor industry. One speaker highlighted the Vedanta group’s investment of £20 billion in semiconductor and display technologies in India, indicating the potential for positive collaborations. Recognizing the need for diverse perspectives and concerted efforts, the speakers emphasized the importance of navigating geopolitical challenges and fostering a healthy and competitive semiconductor market.

The concept of an AI ethics commission was also discussed as a means to establish baseline guidelines for technology regulation. A recent talk by Premier Lin Jing from China was mentioned, where the significance of an AI ethics commission in China was underscored. Such a commission could help set standards and guidelines for the responsible and ethical use of AI technologies, ensuring that their development and deployment uphold values like privacy, transparency, and fairness.

While some speakers advocated for specific regulatory approaches, one speaker proposed a broader, macro approach focused on providing ethical guidelines instead of regulating every specific aspect of new technology. This approach aims to offer flexibility and adaptability in the rapidly evolving technological landscape while upholding fundamental ethical principles.

Lastly, the issue of regulatory challenges and the power imbalance between tech firms and regulators was raised. It was noted that tech firms often have a financial advantage over regulators, creating a less competitive regulatory field. This power imbalance can hinder effective regulation and pose challenges in aligning technological advancements with social and ethical considerations.

In summary, the analysis highlighted concerns over the consolidation of semiconductors and its potential impact on information control. The need for global collaboration in addressing challenges in the semiconductor industry was emphasized, along with the proposal of establishing an AI ethics commission. The speakers offered diverse perspectives on regulatory approaches, advocating for both specific and broader ethical guidelines. The issue of regulatory challenges and the power imbalance between tech firms and regulators was also recognized. Overall, the analysis emphasised the significance of diverse perspectives and concerted efforts in navigating geopolitical complexities and ensuring a responsible and sustainable semiconductor industry.

Sir Martin Sorrell

The Metaverse is a superior 3D technology that provides a more sophisticated way of connecting people than existing technologies like the internet and mobile phones. This innovative concept has the potential to resolve the issue of social isolation by addressing it in a more coherent way as the technology develops. The industry recognizes the value of the Metaverse and virtual reality in various fields, including training, medicine, entertainment, music, sport, and work. Virtual reality has been successfully used to stream NBA games and hold virtual concerts, while industries like medicine and research have found applications in operations training and collaborations.

While the Metaverse was initially overhyped and unfairly maligned, it is now re-establishing its base and should not be underestimated. People often underestimate the commercial value, entertainment value, and music value of the Metaverse, and it should be evaluated in the context of other technological phenomena like quantum computing, AI, and blockchain.

Furthermore, AI and the Metaverse are expected to significantly affect the advertising and marketing services industry. These technologies will revolutionize visualization and copywriting, enable hyper-personalization at a large scale, and change the processes of media planning and buying. They will also democratize knowledge within organizations.

However, the industry has not adequately prepared for the deprecation of third-party cookies, which is a major concern. Many clients have not refined their first-party data, resulting in a lack of readiness for this change. Additionally, the self-regulation issue and the limited resources of regulators pose challenges to effectively regulate the industry. Self-regulation by major tech companies like Meta, Amazon, Google, and Alphabet is seen as a key factor in maintaining balance.

Furthermore, tensions in Taiwan and increased costs are major concerns for the industry. Many components are made in Taiwan, and any increased tensions or invasion by China could disrupt the supply chain. Additionally, the adoption of digital worlds/metaverses was accelerated by the pandemic, but there are still challenges to overcome in terms of the technology’s comfort and cost.

Reducing dependency on foreign chips is a difficult process for companies. Although efforts are being made to find alternative sources of production, it is acknowledged that it will take significant time and effort to achieve complete reduction. Chinese intervention in the tech industry has damaged it, and any interventions in the future must be carefully implemented to avoid further negative consequences.

In conclusion, the Metaverse and virtual reality offer exciting possibilities for connectivity and advancements in various fields. However, challenges such as the deprecation of third-party cookies, self-regulation, tensions in Taiwan, and increasing costs need to be addressed. Efforts are being made to reduce dependency on foreign chips, but it is a complex process. Chinese intervention has negatively impacted the tech industry, and careful implementation of interventions is necessary. Overall, the industry recognizes the potential of these technologies and works towards harnessing their benefits while managing the associated challenges.

Brittan Heller

The speakers in the analysis discussed several key topics related to digital worlds, immersive media, artificial intelligence, privacy law, psychological effects, content moderation, and human rights in 3D computing environments.

One of the main points highlighted by the speakers is that digital worlds can be considered immersive media that incorporate input from the physical environment and body-based data. This means that technologies such as virtual reality (VR) headsets, augmented reality (AR) goggles, or even smartphones are used to input data into hardware, while the user’s environment and body data are used to calibrate the devices. By incorporating these elements, immersive media makes the user’s experience more real to their body and cognition, setting it apart from traditional flat-screen computing.

The speakers also emphasized the role of artificial intelligence (AI) in the creation of digital worlds. They mentioned that AI technology, particularly generative AI platforms, have advanced to the point where they allow for fully multimodal input. This means that users can now build and port 3D objects into virtual worlds through language requests. AI has effectively lowered the barriers to entry for creating virtual spaces, as it has made it possible to create virtual objects and architecture without extensive knowledge of coding. AI is seen as a missing piece for the creation of the metaverse, which is a virtual reality space where people can interact with each other and computer-generated environments in a seemingly real way.

Regarding privacy law, the speakers noted that it is not necessarily a clean fit for all types of XR technology (extended reality) when it comes to body-based data. Body-based data, which is the data that users give off while using XR technology, can disclose personal, medical, and identity-related information. However, this data is not always protected by privacy law. This highlights a potential gap in regulations and raises concerns about the protection of individuals’ privacy when using immersive technologies.

The psychological effects of virtual experiences were also discussed. The speakers pointed out that virtual experiences are processed by the brain in a similar way to real memories, leaving deep psychological effects on users. There have been reports of virtual sexual assaults affecting users psychologically. It is important to consider these psychological effects when developing virtual worlds and ensure the well-being of users.

Content moderation in 3D computing environments was another topic raised by the speakers. They argued that current AI technologies may not be fully equipped to moderate 3D environments, and there is a need for a community-based moderation scheme. The community, not only in creating but also enforcing rules, should play a role in content moderation. Drawing insight from the video game industry, which has established clear rules addressing legal risks, the speakers suggest implementing a two-tiered system where there are basic rules and community-based moderation.

The importance of human rights in 3D computing environments was stressed by the speakers. They argued for a human rights forward regime that is based on informed consent. Individuals should have knowledge of what they are signing up for in the metaverse to ensure informed consent. One speaker suggested that the focus should be on giving people an informed choice about the content they are addressing and what may happen to them in that experience. This approach aligns with the principles of human rights and creates a more equitable and inclusive 3D computing environment.

In conclusion, the analysis highlighted the various dimensions and considerations surrounding digital worlds, immersive media, artificial intelligence, privacy law, psychological effects, content moderation, and human rights in 3D computing environments. The speakers provided valuable insights and emphasized the need for privacy protection, psychological well-being, community-based moderation, and human rights as we navigate this emerging technological landscape.

B

Brittan Heller

Speech speed

162 words per minute

Speech length

1138 words

Speech time

422 secs

A

Audience

Speech speed

187 words per minute

Speech length

429 words

Speech time

138 secs

HL

Heather Landy

Speech speed

187 words per minute

Speech length

1041 words

Speech time

334 secs

JI

Julie Inman Grant

Speech speed

169 words per minute

Speech length

1731 words

Speech time

616 secs

NM

Nicola Mendelsohn

Speech speed

210 words per minute

Speech length

1662 words

Speech time

476 secs

SM

Sir Martin Sorrell

Speech speed

168 words per minute

Speech length

2072 words

Speech time

738 secs