Bradley Tusk, CEO of Tusk Ventures urged policymakers to be progressive of the Metaverse and to execute regulations beforehand. In an interview with CNBC’s ‘Closing Bell’, on 1 February 2022, Tusk said that the failure to organize social media and cryptocurrency efficiently in the U.S is a really good lesson to be taught on how to handle the Metaverse.
He asserted that so far, the policy in place has been to wait for the technology to be introduced to gain market fit and traction before introducing regulations which, retrospectively, has been very hard to do. He further added,
“We know the Metaverse is coming — it’s already here in some ways. We know it’s got all the problems of the internet, probably times five or ten. So why don’t we think about it now, and get ahead of it?”
Tusk took to his blog post to reflect upon his opinion and uploaded it the same day. It quoted,
“The problems we have regulating technology companies now will be reproduced and amplified in the Metaverse. You think policing state-sponsored disinformation is hard on Facebook and Twitter? Wait until you try it in 3-D.”
He also said that whilst policymakers are inept to come up with definite regulations for the Metaverse until they have a clear picture of what’s coming, they should start with cryptocurrency and social media. He rightly pointed out that the same mistakes that occurred with Facebook, Instagram, Twitter, and social media, in general, can be avoided by developing an intellectual framework for the regulation of the Metaverse.
Metaverse: literary text thought to limitless tech reality
This digital alternative to the physical world is immersive. The term officially entered the mainstream realm after Facebook re-branded itself as Meta Platforms Inc., in October 2021. This was in an attempt to caper beyond its social media roots and indicate a wider plan around ‘the next chapter of the internet’.
Many acclaimed enthusiasts have expressed their interest in this digital realm in the past. For instance, the chipmaker, Nvidia, has turned its aim on the digital sphere, but they are calling it ‘omniverse’. Other players in this field are the gaming companies like Roblox and Epic Games’ hit Fortnite.