元宇宙和NFT入门报告-OliverWyman

ReckoningwiththeMetaverseAPrimerontheMetaverseandNFTs 3Introductionsmustfocusonthemetaversealreadyspendingsignificanttimeandmoneyinvirtualenvironmentsonthingslikegaming,virtualrealestate,andmesaotheractivitieswillneedasolidbasisinlawandregulation.ofrealisticandalternativeworldswhere,asinthephysicalworld,individualsandinstitutionscanpurchaseandsellallgitalassetsandsomesNFTswillplayanimportantroleinformingthebuildingilliontotrillionWhilethegrowthmetaverseandhowNFTswillplayaroleinshapingit,chas•Basicsofthemetaversedoutsofmetaverseuse•Importanceofthemetaverse•Virtualpropertyrightsconsiderations 4ReckoningwiththeMetaverse|BasicsofthemetaverseBasicsofthemetaverseQ:Whatisthemetaverse?tualogetherinamorerealisticnaturalwaythanthecurrentinternetoffersshumanoidavatarsmeetinginamultitudeofdifferentvirtualrealityenvironments.Themostsignificantusecaseisgaming,teenjoyingthreetoeightmilliondailyusers.4Themetaverseofectionsbetweendigitalworlds(portability)andtheintegrationofhysicalworldsthroughtheuseofaugmentedreality(AR),virtualreality(VR),andtheinternetofthings(IoT).isnstatusandwealthandasubsetandeffectivelyabandonthephysicalworldforvirtualreality.5Theworkoffictionpointsinthemetaverseandtotalitevenifitoffersanimmersiveexperience.visionforthemetaverse,wherevirtualworldsareseamlesslyintegrated,withindividualsretainingcontrolandautonomyovertheirdigitalselves.TheseoptimistsontopofanewreofanideathanasionWebasusondecentralizationopenaccessandinterconnectivitybetweensystems.Theinwhichafewclosedandcentralizedplatformsdominatetotalvalue.paymentsinfrastructureencouragedadvertisement,datacollection,andprivacy 5VirtualWorldCentralizedplatformAcrossplatformsSpanningdigitalandphysicalworldsVirtualWorldBlockchainAugmentedrealityVirtualrealityInternetofThingsDigitalSensorsWithinplatformVirtualWorldVirtualWorldBlockchainExhibit1:Whatisthemetaverse?KeyFeaturesImmersiveImmersiveConnectedPopulatedBoundlessActivitiesSocializinSocializingHangoutroomSocialmediaDating/relationshipsConversingEEntertainmentMedia/filmsGames/sportsShoppingTravellingEEducationInformation/researchCollaborationClassesPersonalstudyWorkingWorkingRemoteworkVirtualmeetingsMarketingRoboticsDigitalrealmPhysicalworldPlatformsandDigitalrealmPhysicalworldSource:OliverWymanForum 6ReckoningwiththeMetaverse|Basicsofthemetaverseinvasion.6Aegrated,anddecentralizedisacertainty.Achievingintegrationacrossvirtualworldsandplatformsisnoeasytask.Additionally,tingvoiceshaveoutlinedabearishviewofachievingdecentralizationthroughatdifferentworldsacrossentplatformscanbecheaplyandyconnectedandtheeconomicrealitiesdrivecentralization.penquestioniftheinacentralized,closedmannerorifitwillrllaborationbetweenworldsAsExhibitvirtualworldsthatareopenandwillbebuiltoncentralizedplatforms,withtialintegrationtootherdecentralizedworlds.Ametaversebuiltfromcentralizedtbeasrevolutionaryasadecentralizedone.Ultimately,nologicaladvanceswilldeterminewhichpathofdevelopmentprevails.Q:WhatdoNFTshavetodowiththemetaverse?NFTswillberelevantonlytosomevirtualiningwhatanonfungibletokenisNon-fungiblequeandnotinterchangeablewithanotheritem,likeafungibleitem,likedollarsorbarrelsofoil,rcaresonlythattransactionisoneoftheTokenckchainBeingonockchainmeansthattheownershiprightsryindisputableablockchainwhichisapublic,distributedrossanetworkgibletokenthereisnofferencebetweenthesinglebyPersonB.Incontrast,NFTsrepresentnthatisfmoney(fungible),NFTsaretheblockchaintofartnonfungibleAboutontheEthereumblockchain.7Whenexecutedtiontotheblockchain.Themintingoccursthrough 7undercertainconditions.TheybothassignshipandmanagetransfersoftheNFTightisonlyasgoodpayingastrangeryours.Addingcomplexity,differencesinlawacrossjurisdictionscouldresultinlppointtowhattypesofvirtualworldsbenefitfromNFTs.Aclosed,ralizedplatformlikethevideogameFortnitecandefineitsownsystemofdverifiablemanner,throughtheuseofNFTs,isusefulwhenindividualswanttoportodsacrossworldsandwhenvirtualmodelorvision.fdocumentssuchasossbordertransactionsWithinvirtualpainting.TheuseofNFTsisnotjustlimitedtoart,andtheprinciplesbehindanNFTcanformpropertyinthemetaverseNFTscouldbethevehiclethroughwhichdigitalart,digitalrealownership.ThisattributeofanNFT,proofofownershipiswhatcouldmakeitusefulin“Thereremainsanopenquestionifthemetaversewillbebuiltinacentralized,closedmannerorifitwillbeopenandintegratedtoallowforgreatercollaborationbetweenworlds.” 8ReckoningwiththeMetaverse|Basicsofthemetaversecontinuetocontinuetoexperimentwithsuchmodelsnintegratedanddecentralizedisaproprietarydigitalcurrencyandnotacardsinphysicalretailers.hasownershipofpertyQ:Howisthemetaverserelatedtocryptocurrencies?Cryptocurrencieshavemanyusesinthemetaverse,butaswithNFTs,theirusefulnesswilldependontheextenttowhichvirtuallinesratherthancentralizedmodels.Somekeuseoftheirowncryptocurrenciesforin-worldpayments,eNFTsforinworldpropertyandmayasayinrunningthesystem.ThesevirtualcryptocurrencyecosystemthroughwalletsNotallin-worldcurrenciesarecryptocurrencies,though.Thereareexistingvirtualworldsbuiltontopofproprietarycentralizedplatformsinstead 9InsandoutsofmetaverseuseQ:Whousesthemetaverse?Sentimentinitiativerecentlypublishedeightbehavioralarchetypesthatwilldrivefuturegvirtualrealitywitheverydaylifewithoutfearofitdetractingfromtheirlifeinthephysicalworld,andinvestinginpurelyvirtualassets.tiesMetazensesignificantlymoreemetaversewilllikelyexpandincominghaschildrenandlesstechnologicallyinclined,olderadultsintheinstreamQ:Howisthemetaversecurrentlyused?entertainmentindustries.Fortnite,Roblox,daWhilestillinitsinfancy,thepotentialofecasesinclude:Play-to-Earn(P2E) GamingSocializingEventsWorkingLearningPurchasingphysicalobjectsHealthcarePurchasingGamingSocializingEventsWorkingLearningPurchasingphysicalobjectsHealthcarePurchasingdigitalobjectsFitnessTravelSimulatingexperiencesMakingdigitalobjectsSimulatingphysicalgoodsRealestateCreativepursuitsDesignPublicservicesSource:OliverWymanForumprominentP2EgamesincludeAxieInfinity,AlienWorlds,andSplinterlands.11P2EisaparticularlyhottopicinSoutheastAsia.eshareofallNFTtradingvolume,withNFTmilliontodevelopAxieInfinity,anextendedAsiangamingmarketsyThegamearealwaysjoiningandiftheuserstinuetouseitCommerceforin-worldgoods/skinsforavatarsinvideogamesExhibit2:ActivitiesMetazensareinterestedindoinginthemetaverseandmaypayforInterested,willingtopay24%24%9%9%9%9%9%2%GlobalConsumerSentimentSurvey2021Interested,notwillingtopay26%26%% tDecentralandandNFTsavailableacrossdifferentworldstoLet’stakeadeepdiveintoDecentraland.Marketingunlockvalue.itselfasthe“first-evervirtualworldownedbyitsusers,”Decentralandgivesits18,000activedailyusersavirtualdestinationontheEthereumMusicandEntertainmentblockchainwheretheycanbuyandsellLAND,avatarwearables,andnamesusingMANA.16WithinrsDecentraland,userscanexplorethelandscapegameGrandTheftAuto:ViceCityStories,frommoreruralareastourbanones,interactingmetaversevirtualconcertsallowforwithobjects,buildings,art,games,andattendingdifferenttypesofevents.Decentralandhascomeartistsperform.Thishasalreadyhappenedinalongwaysinceitsproof-of-conceptin2015:FortnitewithTravisScottandArianaGrandeTheplatformnowincludesgames,interactiveparticipatinginvirtual,liveconcerts.15apps,in-worldpayments,andpeer-to-peercommunicationsforusers.MarketingIfyouarewonderingwhyMANAandLANDarespeoplespendtimeinavirtualworldtheycapitalized,itisbecausetheyarethetwotokensrvicesinthathelpmakeDecentralandrun.LANDisanNFTthatdefinestheownershipofvirtuallandparcels.MANAisthecryptocurrencyusedforpurchasesparticularlytoyoungerusers.ofLANDandallothergoodsandservicesinDecentraland.ThenumberofindividualparcelsofLANDispermanentlyfixedat90,601.AsofTourismJanuary2022,themostexpensiveplotofLANDExperiencingunique,farawaylocationswasworth$3.5millionworthofMANA,withtheaverage16mx16mvirtualparcelgoingfortravelingwithout$14,440.17Likereal-worldrealestate,locationisvinghomewhatmakesoneplotofLANDmorevaluablethananother;beingnearcertaincommunityamenitieslikeGenesisPlaza(thecentralpublicspawnarea)Workplacesisseenasdesirable.WhilesomemayquestionthevalueinDecentraland,theamountofmoneypeoplearewillingtopayforLANDshowsthatthereisamarketforit.side-by-sideintheoffice.Virtualofficethisproblem.Severalcompaniesarebuilding ReckoningwiththeMetaverse|InsandoutsofmetaverseuseormsrangingfromdRealEstateeCryptovoxels,andSomnium.20Collectively,crowdFinancialServicesVirtualsocietiesarealreadytransactingandengaginginfinancialservicesinthemetaverse.FinancingcanbeprovidedstateForexample,banksinAsiaarecreatingrtualspacesforeducationandproductdevelopmentwhileotherinstitutionsaresandclientsalike.NFTsarealreadyabigpartweexplainfurtherbelowinthefuturetherewillbemultiplefinancialAutomotiveandManufacturingEverythingfromfactorytrainingtotestingninthechnologyEducationepandemicdisplayedtheshortcomingsherealismofthemetaverseeducationalexperienceforchildreninaremoteenvironment.PublicservicesGovernments,particularlyinSouthKorea,services.Examplesincludemakingcivilcomplaintsandreservingpublicspaces.22embassyinDecentraland.23impactbusinessinthenextfiveyearsseethisBRINKarticlefromOliverWyman.Q:Whataretheemergingfinancialproductsrelatedtothemetaverse?Expandingonthefinancialservicesusefinancialfinancialinstitutionsinthemetaversesuchnfunctionalbankbranch,telecomscenter,andrecreationcenter.24 toMortgagesforvirtuallandandhousesarebeginninggeExhibit3:MetaverseFinancialProductsDigitalDigitaltophysicalFirmsusedigitalactivityorcollateral(e.g.,cryptoholdings,metaversplot)asbasisfora“realworld”product,likeapersonalloaninfiatNFTfi,aDeFiprotocol,providesloansincryptoandfiatusingtheborrower’sNFTsascollateralwPhysicalPhysicaltodigital Firmsuse“realworld”information(e.g.,credithistory)andcollateraltoofferdigital-nativefinancialproduct(e.g.,loanindigitaltoken)TerraZerooffersmortgagesinDecentralandbasedonanindividual’srealworldcredithistoryPurelyPurelydigitallascollateral.30EntirelynewfinancialproductsingfinancialinstitutionswithricherdataunitiesApurelydigitalfinancialproductwhereadigital-nativefinancialproduct(e.g.,amortgage)isprovidedsolelybasedonin-worldholdingsandactivitiesAxieInfinityallowsforuserstoloantheirNFTstootherplayersforpaymentsin-gamecurrencySource:OliverWymanForum ReckoningwiththeMetaverse|InsandoutsofmetaverseuseQ:Whataresomeofthechallengestometaverseadoption?extraordinary:ashighas$13trillioninallengestocludingintheandintheUSareunwillingtopayverseplethebenefitsitmaybringMorespecifically,otherchallengesinclude:HardwareVirtualworldsdependontheirgraphicalceandrequirehavehighinternet,todeliveraninteractiveexperience.UsersinteractwithvirtualworldsthroughVRsetsareeinteractingthroughtheircomputersmayfindtheirdevicesarenotuptosnuff,whilefindingVRtInterfacefacesarestillbeingdevelopedhemetaverserequiresaninterfacethatquintessentialWeb2.0platform,quicklygainedusersinsubstantialpartdrivenbyitsattractiveinterfaceBywayofexample,asofragemonetizabledailyactiveusers(mDAU)of18,000dailyusers.33IntegrationeworldssuchthattoloingetweenplatformsSafetyeirdataandansactionsaresecurebeingconfidentthatdregulationsthatprotectthemstillapplyinthemetaverse,andthatidentityationissecureenoughthattheyarenotinteractingwithscammersorothermaliciousactors.34“Usersmustfeelthattheirdataandtransactionsaresecure,beingconfidentthatlawsandregulationsthatprotectthemstillapplyinthemetaverse.” ReckoningwiththeMetaverse|ImportanceofthemetaverseImportanceofthemetaverseQ:Howdoesthemetaverserelatetotherealworld?Whilethemetaverseexistsvirtually,itcangaming.Education,officework,andperhapsaytakeoninhowlifewillbelivedWithanewwayofinmindaspolicyismade.Theblendingandblurringofthephysicalanddigitalworldssoundsexciting,butitalsocomeswithriskssocietycommerceandpolicyThereisariskthatwithoutproperregulationaWildWestwherefraudmanipulation,anddigitalcrimerunrampant,perhapsevenmoresothanonthecurrentinternet.Privacyeinvadedintellectualpropertycanbestolen,andchildrencanbeexploitedinthisunregulatedscenario.Q:WhataresomeofthelegalandregulatoryissuesrelatedtothemetaverseandNFTs?Justasthinkingonbuildingthemetaverseisnregulatingitisestraightforwardytohaveafullyoperationalinthephysicalworld,theywillbeappliedtoissuesinclude:PropertyRightsandTransferabilityAswedescribeinthenextsection,justaspropertylawdevelopedinthephysicalworld,itmustadapttothevirtualoneaswell.Thereareanumberofopenquestionspertainingtoapplyingexistingintellectualpropertyrightstometaverseintellectualproperty.Atamorefundamentallevel,therearequestionssurroundingthedifferenttypesofpropertyinthemetaverse:Metaverseintellectualpropertylikea regulatoryregimethanthevirtualproperty,IntegrityandVerificationuabletotheextentthattheiredgerverifiedtheremaybeissueswithwhereitishosted.IfanNFTdisappearsfromOpenSea,walletaswell.InteroperabilityandDataSharingIntegrationacrossvirtualworlds,andbetweenthedigitalandphysical,willrequireludingdigitalplatformsandhardwaredevices.Interoperabilityrequirestionandcouldbefacilitatedthroughpolicyandregulation.JurisdictionalConsiderationsjurisdictionalboundariesofthemetaverse,importantasphysicalborderswhenformulatingpolicies.Policymakersandsoneedtounderstandtheconsequentialregulation.IndividualRisksIndividualrisksinthedigitaleconomydinaverseTheseproblemsincludeprivacy,discrimination,mentalhealth,andmisinformation.Additionally,politicalandexistingdigitaldivideofunequalinternetdnetworkeffectsinthedigitalrealmcouldincreasewealthinequality.moderationandtheconcentrationebplatformsanditwilllikelypersistinthemetaverse.MarketandPrudentialRisksverseowncoinsandintegrationacrossworlds(andwithothercryptocurrencies)arketsthatarewellithintegrityIncreasedgrowthcouldpresentriskstoindividualsandmarketmanipulation.ConductRisksWithoutaddressingfraudandmisconduct,couldhinderuseradoption.LinksacrossmetaversesandNFTsmayincreasethecomplexityofapplyingAnti-MoneyLaundering(AML)andCombattingtheFinancingofTerrorism(CFT)rules,andjurisdictionalquestionsmayhindertheabilitytoapplysanctions.OperationalConsiderationsmthatattractsusersandprospers.TheRoninNetwork,whichistheEthereum-linkedsidechainusedforAxieInfinity,washacked EnablingInnovationOperationalrisksConductrisksIndividualrisksReckoningwiththeEnablingInnovationOperationalrisksConductrisksIndividualrisksmayhavebeentheverseExhibit4:KeyRegulatoryandLegalAreasPropertPropertyrightsandtransferabilityDataDataintegrityandverificationJuJurisdictionalboundariesMarketMarketandprudentialrisksDatasharingandinteroperabilityharmSource:OliverWymanForum VirtualpropertyrightsconsiderationsQ:Howdowethinkaboutpropertyinthemetaverse?pedwiththemetaverseinmind.Inmanyjurisdictionstoday,therearethreeTheseareRealpropertybleandnoteasilyprovesyourpossessionPersonalpropertysuallydoesiseasilytransferrable.ThesearethingslikeIntellectualproperty:resultofthehumanintellect,suchaspatentssactuallyquitecomplicated.Forexample,NFTsintheintellectualpropertyclassification,butwhathappenswhentheNFTisapaintinginavirtualhouse?IfthatisconsideredwouldcomefromtheirstandardintellectualhouseitselfisanNFTthatsomeoneeintellectualproperty.ThisisimportantgiventherightsthatIntellectualpropertyrightsprotectintangible 20ReckoningwiththeMetaverse|Virtualpropertyrightsconsiderationshtrademarkscopyrightsandpatents.IfeverythinginthemetaverseispropertyandnobodyonforthinkingaboutQ:HowcanwebegintothinkaboutdevelopingownershiprightsoverNFTsinsideandoutsidethemetaverse?NFTownershipisleastdisputedintherealminwhichitwasestablished:itsoriginatingblockchain.However,NFTownershipinoneblockchaindoesnotinhibitanotheruserfrombeingabletoseetheimageinanotherblockchainordigitalmilieuunlessprotectionsagainstthisareenforced.Intheabsenceofgovernmentregulations,platformsandblockchaincommunitiesaresettinguptheirownrules.Forexample,TwitterhasbeenlimitingtheuseofNFTavatarsunlessproofofownershipcanbeestablished.Still,thereareanumberoffactorsthatcanbeconsideredwhendevelopinganintellectualpropertyrightsframeworkforthemetaverse.Physicalartownershiptypicallyalsoallowscontroloverphysicalaccess;however,adigitalrepresentationoftheartmaybemadewidelyavailableunlesscopyrighted.Withaphotograph,underUnitedStateslaw,thephotographerholdscopyrightthemomentthephotoistaken.AppslikeInstagramalreadymakeitchallengingtoenforcecopyrightsoverdigitalrepresentationsofphotographs,butnotallreproductionsofacopyrightedncopyrightsThefairusedoctrineallowssomeonetoinfringeontheopyrightofaphotographforreasonssuchaseducationaldissemination,personaluse,orresearchpurposes.ThismayserveasablueprintforNFTs.TtheyhavetherighttoselltherightstotheNFT.Butthingsgettrickierwithfutureuseoperatingunderalicense.Thiswillrequirelicensingagreementstobemorerefinedtospecifythepreciseusesthecreatorenvisions.ContractuallawissuesaboundwithsmartcontractsbuiltintoNFTsthatmakeroyaltypayments,furthercomplicatedbyjurisdictionalissuesoverwhichcontractlawapplies.TheactualcontentrepresentedinanNFTissubjecttopotentiallegalcontroversy:AnNFTthatportraysillegal,obsceneimageryorthatunlawfullyinfringesonacopyrightwilllikelybeprohibited.NFTsalesplatformsshouldhavetheinfrastructuretorespondtogovernmentorderstoremoveunlawfulorillegalcontent.Thephysicalworldownersofmetaversepropertyarestillmortal.Theprivatekeystheyusetocontrolthatpropertymaybelostupontheirdeath.Inheritanceandestatelawsdonothaveasolutiontothisissue,sowithoutappropriateregulation,therightstothepropertyriskbeingforeverlostortiedupinprobatecourts.36beginningtoseeNFTprojectsexperimentwithdifferenttypesofintellectualpropertyrightsframeworks. BoredApeYachtClubgrantseveryNFTerintellectualpropertyrightstousetheirspecificNFTforcommercialpurposesYachtClubbrandisllownedandcontrolledbyYugaLabsoperCryptoPunks,developedbyLarvaLabs,omrepurposingtheirCryptoPunksNFTsforanytoLarvaLabsitself.UserscanusetheirNFTLicenseonlyforpersonal,non-commercialomodifytheartorsellthird-partyproductswiththeNFT.38theBoredApeYachtClubandCryptoPunks,alicensingregimecalledCreativeCommonsZero(CC0)isemerging.ThisopensourcedinnovationandallowstheintellectualpropertyofaCC0forattribution,whetheritisjustasingleassociatedNFTortheentirecollectionofNFTs.CC0NFTsallowforthemtobetedtothepublicmoreeasilyintellectualpropertyinfringement.AmongthemostprominentCC0NFTprojectsareCrypToadzandBlitmap.39“Thesedifferentownershiprightsmodelsarenotmerelyforacademicdebate:TheyraisefundamentalquestionsoverthepurposeofNFTsinsideandoutsidethemetaverse.”arenotmerelyforacademicdebate:TheyraisefundamentalNFTsinsidestprominentbelicensewasprovided. ReckoningwiththeMetaverse|ConclusionConclusionwthofthemetaverseandNFTsregulationsthatshouldgovernthisactivity.ThispaperemetaverseandNFTsareBeyondtheintellectualpropertyissuesaddressedinthistojurisdictionalconsiderations,marketrisks,andconductctingbothdevelopersanduserserearequestionsaboutthecomplexityarketsforNFTsandthemetaversenomicsthatmakethemrunKnowingategizingtheirentryintothisspace.UnderstandingthelinkforcryptocurrencyisvitalforregulatorsdevelopingtheirtorsandbusinessvesforyearstocomeOnlywithafirmunderstandingofdelsadaptanddecentralization.“Thedecisionsmadebyregulatorsandbusinessleadersontheseissueswillshapethewayweliveourlivesforyearstocome.”References1.SeeOliverWymanForum,“The NewPeopleShapingOurFuture”2.SeeReuters,NFT saleshit$25billionin2021,butgrowthshowssignsofslowingandCitiGPS,Metaverse andMoney,March20223.SeeCitiGPS,Metaverse andMoney,March2022andGrandViewResearch,Metaverse Market4.SeeCharlieIntel,Fortnite PlayerCount5.SeeWikipediaSnowCrash6.SeeMedium,TheOriginalSinoftheInternet7.SeeTheTimesofIndia,HowareEthereumNFTsdifferentfromSolanaNFTs?8.SeeE,