The value of the metaverse is estimated to reach USD 5 trillion by 2030. Investment into the metaverse space is more than USD 120 billion in 2022 – more than double what it was in 2021 (according to McKinsey & Company, ‘Value Creation in the Metaverse’ (June 2022); see Tianxiang He, in this issue). Groundbreaking changes prompted by the digital revolution require a legislative framework which proves to be fit for the digital age and takes into account current and emerging needs. Such a framework must provide businesses with the legal certainty they need to invest in this field and support technological development while adequately protecting consumers, users and data subjects. Within the so-called ‘Industry 4.0’, digital technology significantly changes the balance in society and economic relationships, offering new opportunities for innovative business models. This raises new questions that affect several aspects of the law, regarding, for example, the legal classification of data, data mining, trade in data, the related intellectual property issues (see Geiger and Mangal, in this issue; Leistner, in this issue) and the protection of personal data (see Paz Canales and de Souza, in this issue), the supply of digital content and the challenges related to the Internet of Things (see Micklitz, ‘The Full Harmonization Dream’, Journal of European Consumer and Market Law 2022, p. 117 ff.), artificial intelligence and algorithmic regulation (see Leistner, Antoine and Sagstetter, ‘Big Data’ (Mohr Siebeck 2021)), as well as the role of cryptocurrencies (see Maume, Maute and Fromberger (eds.), ‘The Law of Crypto Assets’ (Beck Hart Nomos 2022)).
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Alberto De Franceschi (2022) studied this question.