Good governance and implementation

Abstract

In this chapter, we describe the importance of good governance in the metaverse. It offers unlimited opportunities and presents unique governance challenges. First, we describe the concept of good governance and its relevance to the metaverse. We emphasize that the speed of metaverse adoption depends upon the presence or absence of effective governance. Recognizing the metaverse as the next iteration of the internet, we present significant governance issues. Some issues such as interoperability, security, safety, privacy, law, and digital inequality are critical governance issues in the metaverse. Next, we explore the diverse governance frameworks to ensure the implementation of policies and regulations. These frameworks include decentralized governance, cross-sector collaboration, and standards-based governance. We also describe the best practices which are essential for good governance. To materialize the concepts and principles discussed, we present a compelling case study centered on Decentraland. This insightful exploration dissects a decentralized autonomous organization (DAO)-based governance structure, offering valuable insights into the intricacies and stages of governance proposals. We acknowledge both the merits and potential drawbacks inherent to this approach. This chapter aims to offer an all-encompassing view of metaverse governance, essentially serving as a comprehensive roadmap for traversing the multifaceted landscape of this digital frontier.