Singapore Believes That Metaverse Will Flourish

Speaking at the TechLaw Fest 2022 on July 20, Singapore’s Second Minister for Law Edwin Tong made a long speech about the concept of extended reality and immense possibilities of the metaverse, recalling Neal Stephenson’s 1992 novel Snow Crash. 

By all accounts, Snow Crash was the first publication that used the term ‘metaverse’ and in fact, developed the concept of the metaverse. That was in 1992, over 30 years ago. It coined the phrase ‘metaverse’, developed a story around it, talked about the virtual world, and envisioned people using digital avatars of themselves to explore the online world. Sounds familiar?

he said.

Tong admitted that for the time being it is impossible to predict how this sphere will evolve. However, there are many reasons to be bullish. More so since a report by Bloomberg Intelligence estimates that market opportunity in this space is worth about $800 billion. 

He also went on to remind us that Facebook has changed its name to Meta while Microsoft  recently acquired Activision Blizzard – one of the world’s largest interactive video game companies. Governments in Europe and Asia are likewise exploring the possibilities. 

In the same vein, Tong said he sees no reason why legal services should not be available in the metaverse, not least because the pandemic has shown that there is no real need for physical presence: “Our dispute resolution institutions – the Singapore International Arbitration Center (SIAC) and the Singapore International Mediation Center (SIMC) – have been conducting their arbitration hearings and mediation sessions remotely.”

Since many companies turn to Singapore for its white-glove legal services, Tong emphasized that if businesses feel the need “for an online replica of what Singapore might offer in the physical space” the country will most definitely look into the options, adding that “it would not be unthinkable that, besides registration of marriages, other government services can soon be accessed online via the Metaverse.”

Previously, The Coinomist reported that the University of Tokyo at Bunkyo Ward will launch the “basics of the metaverse” course while Facebook’s Meta took another major blow.