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in collaboration with The World Government Summit is a global platform dedicated toshaping the future of governments worldwide. Each year, the Summitsets the agenda for the next generation of governments with a focuson how they can harness innovation and technology to solve universalchallenges facing humanity.The World Government Summit is a knowledge exchange center at theintersection of government, futurism, technology, and innovation. Itfunctions as a thought leadership platform and networking hub forpolicymakers, experts and pioneers in human development.The Summit is a gateway to the future as it functions as the stage foranalysis of future trends, concerns, and opportunities facing humanity.It is also an arena to showcase innovations, best practice, and smartsolutions to inspire creativity to tackle these future challenges.To InspireAnd EnableThe Next GenerationOf GovernmentsWorld Government Summit Table of Contents1.Summary And Introduction3.How Effective Governance Can Improve Efficiency4.Finding The Right Way Forward For GovernanceTopics2.The Basics And Benefits Of The MetaverseWhat Is The Metaverse?Applications And BenefitsThe PotentialInteroperabilitySecurity And SafetyPrivacyLawCompetition, Innovation, And IncentivesStandardsLaws And RegulationPolicies And IncentivesInfrastructure5.Metaverse Adoption:The Case For Government Intervention 0111190303050912141516172020212223 1ADL, 2022The Metaverse may still be ‘under construction,’ but ithas the potential to make a major impact on businessand society, with opportunities already for the taking.While there is no single definition of this emerging world,the Metaverse can be understood as the next iteration ofthe Internet or the future of computing. It is a virtualshared space, where physical reality is virtuallyenhanced and converges with digital reality. Thepossible uses and applications are almost limitless, butfor the Metaverse to truly thrive, suitable governance willbe critical, and the roles that social institutions andgovernments play need to be clearly defined.The Metaverse has been inescapable in the media ever sinceFacebook rebranded itself as Meta in October 2021. Today, whileindependent commentators clearly recognize its huge potential totransform business and society, there are differences of opinionabout the scale of its impact and the speed at which it will berealized. Offering one perspective, an Arthur D. Little (ADL) reportauthored by Albert Meige suggests that while the impact of theMetaverse will be profound, it could take up to a decade for its fullpotential to be realized.1Yet, significant opportunities already exist and are likely to increaseover the coming years in fields such as energy and utilities,healthcare, manufacturing, education, archaeology, and more,compelling businesses and governments to take a proactiveapproach to engaging with the Metaverse. Moreover, as it evolves,governments will need to stay keenly aware of how it will shapeeconomic and social interaction, and how failing to keep up willresult in loss of opportunities to tap into the Metaverse’s potential toimpact millions of lives through public services.1.Summary And Introduction 3Pew Research Center, 202202But there is a caveat. Just because a new technology is available,does not mean that it will take off in the market, and herein liesthe importance of governance. The existence–or lack–ofrobust governance, will fundamentally affect the speed and scaleof Metaverse adoption. If the Metaverse is to become the futureversion of the Internet, as experts and observers contend2, thenseveral important issues must be addressed relating to how thisnew ‘verse’ should be governed. Such issues includecross-border regulations, the boundaries of invasion of privacy,development of infrastructure, and the digital divide, amongmany others.3Consideration of these issues is especially important given that amature Metaverse would impact daily life in more extreme waysthan the Internet already has. In fact, governments can learnmajor lessons from the growth of the Internet and how itbecame not just a part of daily life, but also a means ofgovernance across the world. Notably, the Internet led to theintroduction of regulations to the virtual space to ensure smoothgovernance and reactive measures to avoid invasion of privacy(e.g., GDPR guidelines in the EU). If the Metaverse is leftunregulated, bigger and more complex issues could emergefurther down the line, just as they did for the Internet.This report provides an overview of some of the key governanceissues and suggests priorities for attention by governmentdecision makers. Tech firms, multinational corporations, andforward-thinking nations are already shaping the Metaverse, butas it evolves, so too does the role of government – a fact thatcould alter trajectories and set the Metaverse on a new path. The potential value of the Metaverse lies in the implications and tangiblebenefits for the physical world. Rather than stifl