Meta Requests Indias TRAI to Address Metaverse, AI-Related Setbacks. Even though the company continues to lose money, Zuckerberg is unwavering in his belief that metaverse technology will advance and be adapted for daily interactions.
According to reports, Meta has contacted the telecom regulator in India to ask for help with problems pertaining to AI and the metaverse. The US-based tech giant has urged for the establishment of regulatory sandboxes to bridge regulatory gaps and provide a fostering policy work for the growth of these emerging technologies in a detailed written letter addressed to the Telecom Regulatory Authority of India (TRAI). To enhance the immersiveness of online encounters, Mark Zuckerberg’s company Meta is attempting to incorporate metaverse technology into social networking and virtual reality paradigms.
In an email to TRAI, Meta emphasized that to guarantee the ongoing development of technologies such as artificial intelligence (AI) and the metaverse, India has to foster communication between industry stakeholders and regulators.
“To the extent that any novel or unique issues arise over time as the metaverse continues to evolve, we call upon the Indian policymakers to address any emerging legislative gaps on a case-by-case basis, using evidence-based policy development. Policymakers must recognize that these technologies are nascent and that many of the benefits and potential risks that experts predict will be raised by advances that are still to come,” a report quoted Meta’s submission to TRAI as saying.
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The legal structure that will oversee the Web3 industry in India is presently being developed. Notably, though, the Indian government’s top priority right now is making sure cryptocurrencies don’t jeopardize the country’s financial stability.
In the background, Web3 components such as NFTs and the metaverse are still pending formal classification, which is impeding the expansion of associated businesses.
According to Meta, “other experimental governance programs, or regulatory sandboxes with clear exit criteria, can allow industry participants to offer products to limited numbers of consumers in a more controlled environment.”
In September 2021, Mark Zuckerberg changed the name of Facebook to Meta in an effort to give the platform’s app family and general operations a new direction. Reality Labs, Meta’s metaverse-focused branch, lost an incredible $13.7 billion (about Rs. 1,12,200 crore) in 2022 in spite of this massive rebranding.
Even though the company continues to lose money, Zuckerberg is unwavering in his belief that metaverse technology will advance and be adapted for daily interactions.
Now, Meta is outlining possible obstacles that might prevent the widespread adoption of technologies like AI and the metaverse, which it believes need to be debated in technologically advanced countries like India.
“Like the Internet, the metaverse will not be limited to use from within defined, geographic parameters. The siloed nature of bordered approaches to regulation might impede interoperability and portability in the metaverse. Onerous requirements for local storage of data are already particularly challenging for smaller businesses and their cross-border activities,” Meta has told TRAI – hoping to convince the regulatory body to ignite discussions around these young technologies and solve issues.
The global metaverse market was projected by Statista to reach $65.5 billion by 2022. The market was predicted to reach $82 billion in 2023 and then soar to $936.6 billion by 2030.
