As the metaverse expands, questions of morality and ethics come into play. How do local and metaverse laws interact with one another? How are ethical codes being established given the fact that the metaverse is open to people from all around the world? With the amount of activity and people entering the metaverse, these are questions that only continue to arise.
Yat Siu, CEO and co-founder of Animoca Brands, believes that the “framework in the physical world is still something to fall back on in this early stage of digital reality development.” Siu encourages countries to incorporate digital assets within their local law frameworks and considers looking at jurisdiction as guiding morality.
The recent court case which took place in the metaverse in Colombia is evidence that the ethical dilemmas presented by technology are perpetual, and will not disappear any time soon. AI is a great example. ChatGPT-4, the advanced AI chatbot application, raised huge ethical implications, particularly in the fields of law and education, as it was able to ace the bar exam and SATs. To combat this, Cambridge University released official policy on the ethics of artificial intelligence, attempting to set moral guidelines.
If crimes within the metaverse were to become more commonplace, what would be an appropriate course of action? Siu suggested reversing the transaction by getting a consensus on the blockchain the crime took place on. This can be deemed controversial and a degree of law enforcement in the physical world would be beneficial.
John Kobs, CEO and founder of Wildxyz, believes that developers of the metaverse are responsible for creating an ethical standard of trust and integrity for their users. Just as democracy was created in the physical world until it became what we know it to be today, the code of morals and ethics of the digital world will be formed by the environment created by its digital developers. The freedom presented by the metaverse also means that digital democracy, decentralised from any influence from physical reality, could be a reality.
The metaverse is still in its nascent stage, and so too are the moral codes that will eventually govern it. Attention is turning towards digital reality and the best ways to ensure it is an ethical and sustainable environment. Just as societies have wrestled with the concept of morality throughout history, the metaverse provides a new frontier to develop moral codes for digital life.
Animoca Brands is a global powerhouse in gaming, entertainment and sports nutrition. Founded in 2003, the company’s mission is to create immersive, engaging and unforgettable experiences, which are powered by engagement, exploration and discovery. Animoca Brands develops, publishes and distributes mobile and console games, virtual worlds, and interactive entertainment experiences in addition to sports nutrition supplements, health and wellness products.
Yat Siu is the CEO and co-founder of Animoca Brands. He is an entrepreneur and investor who began his career in the software industry in 1997. He has played a major role in the success of Animoca Brands, and his expertise in gaming, digital content and innovation have made him an industry leader. Yat has a wide range of experience in the digital entertainment and gaming sector, and is a trusted advisor to major global brands. He is also an advisor for the Esports Center at the Hong Kong Science Park.
