University of Nicosia: UNIC’s IFF Coordinates New EUBOF Report on Blockchain-Enabled Virtual Worlds

A dive into the potential, challenges, and future of the Open Metaverse, underpinned by blockchain technology and decentralised principles.

The EU Blockchain Observatory and Forum (EUBOF) has announced the release of its latest report, titled “Blockchain-Enabled Virtual Worlds.” This report, coordinated by the Institute For the Future (IFF) at the University of Nicosia, explores the Open Metaverse, examining its current state, potential impact, and the various considerations that will shape its evolution.

The EUBOF report defines the Metaverse as a significant shift in digital interaction, blending virtually enhanced physical reality and persistent virtual reality into an immersive network. The Open Metaverse, is highlighted for its emphasis on open standards and interoperability, envisaging a decentralised network that champions individual ownership, freedom of expression, and seamless interaction across diverse virtual environments.

The report analyses various aspects of the Open Metaverse, covering political, economic, social, technological, legal, and environmental considerations. It emphasises the necessity of international cooperation for standardised regulations, the influence of economic conditions on its adoption, and the pivotal role of advanced technologies like blockchain, VR, and AR. Legal challenges, including data privacy and digital rights, are also scrutinised, alongside the environmental implications of the Metaverse.

One of the key findings of the report is the potential of the Open Metaverse to revolutionise industries such as education, entertainment, business, healthcare, and real estate. However, it also identifies significant challenges, including interoperability, privacy concerns, and the digital divide. The report suggests that integrating Web3.0 principles and establishing comprehensive regulatory frameworks are essential for a user-centred Metaverse.

The report touches upon the EU’s potential role in shaping the Metaverse, especially in legal and regulatory aspects. The GDPR’s global standard for data privacy and the MiCA regulation for digital assets and cryptocurrencies are identified as critical frameworks for the Metaverse’s future.

The Institute For the Future (IFF) of the University of Nicosia has led the scientific team producing the report, which, further to EUBOF team, included notable contributors such as Ioannis Revolidis, Ismael Arribas, Ingrid Vasiliu-Feltes, Inigo Mores, Tadej Slapnik and Antonio Lanotte.

To read the full report, click here.

Source: University of Nicosia | Latest news (