- Mark Mottershead
Exploring the Metaverse and Web 3.0 event, House of Lords, January 2023
A landmark assembly was held at the prestigious House of Lords on the banks of the Thames in London. The meeting was chaired by Baroness Manzila Uddin, Co-Chair of the All Party Parliamentary Group on the Metaverse and Web3 and brought together 24 of the brightest minds in the industry.
Each speaker was given the opportunity to introduce the work they are involved in, as well as give their views on the opportunities and risks ahead in this booming sector. Following the formal presentations, attendees were encouraged to connect and network, making the experience not only informative but also enjoyable and engaging.
Valhalla Network was represented by CIO Zee West as well as CEO and Founder, Oliver Studd, who explained his vision of a community-owned banking system serving small businesses and their local communities.
Other prominent speakers included Professor Yu Xiong, Associate Vice President at the University of Surrey and Chair Professor of Business Analytics and a Web 3.0 and Blockchain Scientist; Kumardev Chatterjee, a globally renowned serial tech innovator; Dr Christina Yan Zhang, CEO of The Metaverse Institute; Divya Prasanth, CEO & Co-founder of HQNFTs.xyz
The key takeaways from the meeting were:
The Web3 industry is still in its early stages and industry leaders are exploring efficient business models.
Investment in this space is slow but steady, with money flowing into projects that promise to improve the IT infrastructure of the Metaverse.
Many big Fortune 500 companies are keeping an eye on the Web3 industry, eager to see how various elements like NFT, blockchain, Decentralized Finance (Defi), and Decentralized Autonomous Organisations (DAOs) can complement their existing offerings or create new markets.
The absence of a UK national strategy on the Metaverse is puzzling, as the country boasts some of the world’s best technology, including quantum computing, AI, cybersecurity, and semiconductor chips, all of which are essential components of the Metaverse and Web 3.0 ecosystem. Other countries have already launched their own national strategies, so this is an issue that may need to be addressed soon.
Education and skills are crucial for widespread adoption, and many leaders present at the event are working on educating the public about the different aspects of the Web3 and Metaverse system. Although this is encouraging, cultural change takes time, and a focus on educating the younger generation would be key.
Online safety is a major concern, especially for children. Many leaders who are also parents echoed this sentiment, and the UK’s Online Safety Bill aims to address this by including the Metaverse. However, it will take time to see the impact and adjust the policy as needed.
The gathering was a step towards shaping the government’s view on the Metaverse and Web 3.0, and a number of contributors on the evening, including Valhalla Network, have been asked to help write the government white paper on the topic.
The event was later featured on the Nasdaq website.