Building the New Infrastructure for the Digital Economy: A Global Challenge

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.