ADVERTISEMENT
Press release content from KISSPR. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from KISSPR
Press release content from KISSPR. The AP news staff was not involved in its creation.

Cristiana Falcone about the Metaverse

August 2, 2022 GMT

08/01/2022, New York, NY // KISS PR Brand Story PressWire //

Cristiana Falcone, advisor and member of the Related Parties Committee and Sustainability Committee at TIM, talks about new legal dilemmas in NFT and Metaverse. NFT (Non-fungible Tokens) represent ownership of real-world property and certificates of authenticity, while the Metaverse is considered the future of the internet. We all know tech and academic communities are discussing the new challenges these technologies are posing to lawmakers.

In a recent interview published on the web, Cristiana Falcone commented on Meta, the Facebook Metaverse, emphasizing its characteristic of being a “ collective project open to all and powered by the company’s products and services ” with the aim of “ developing technologies that help people to connect, communities to develop and business to grow ”. According to Mark Zuckerberg, it will take about 10 years for the process of migrating the world wide web as we know it today into the Metaverse he designed.

ADVERTISEMENT

“It will probably take just as many years to lay solid legal foundations to protect freedom of expression, privacy, transparency, consumers, fairness and inclusion in the Metaverse,” says Cristiana Falcone, for whom “it remains to be understood with which rules we are going into this innovation.”

In a few months, NFTs have already raised a long series of legal issues. “The complexity of blockchain and smart contract technologies do not allow consumers to be effectively informed about the product or service they are buying, and neither do artists and companies, they have no idea of rights and obligations they are incurring,” Cristiana Falcone says. Therefore, today NFTs are transposing old legal schemes, especially about cyber crimes: for example, the application of the 5th EU directive and legislative decree 231/2007 to money laundering offenses through the NFTs trading. Not all old legal schemes are sufficient to protect intellectual property and consumer rights, some of which, such as the right of withdrawal, are lost due to incompatibility with the product technology - once a digital good is purchased on an NFT platform, there is no way to terminate the contract and return the product.

However, in the past year the European Union has been working on new rules for the digital world, aimed mostly at correcting the distortions created by the concentration of power in a few big players. “Let us ask ourselves” Cristiana Falcone continues, “whether the legislator, in order to protect the Metaverse and prevent cyber crimes, has the tools to legislate on an innovative, not yet consolidated and technically complex phenomenon. Unethical use of the Metaverse creates perverse systems of digital behavior. However, laws should be designed to guarantee the basic rights of democracy without penalizing innovation, prosperity, and the growth of new businesses and jobs”.

The buying and selling of NFTs and services/products in the Metaverse should not be hindered by legislators, but properly regulated to enable their ethical and sustainable development, shifting the legal issue to corporate governance. “The latter,” Cristiana Falcone concludes, “will have to focus on overcoming technological barriers, considering that new and complex legal issues will be involved as these technologies keep developing”.

ADVERTISEMENT

We thank Cristiana Falcone! Here you can read a short biography from her LinkedIn profile:

Cristiana Falcone has more than 20 years of professional experience in the elaboration of strategies and implementation of partnerships for business development gained working with the leaders of multinational companies (SONY, Shell, Revlon), interacting with international governmental organizations (ILO, IFAD, FAO, UNDCCP, IADB) and operating in the media world (Radio Televisione Italiana, Gruppo Espresso, Univision, Viacom).

In 2004 she headed the Media, Entertainment, Information and Sport section of the World Economic Forum and then became Senior Advisor to the Executive Chairman and Founder, who entrusted her in particular with responsibility for the development of innovative services and products and the assessment of geopolitical risk linked to emerging technologies.

Since 2006 she has been CEO and Board member of the JMCMRJ Sorrell Foundation which promotes global innovative initiatives in health, education and poverty reduction to achieve the UNSDG goals.

ADVERTISEMENT

She is a member of the boards of TIM and the Paley Center for Media, the Guido Carli Foundation, Internews, the cultural and editorial project Formiche, Tufts University, and the Summit Institute.

Professional Profile: Cristiana Falcone
Role: Board Director, Strategic Adviser, Investor, Philanthropist
Contact email: info@cyberlex.net
Contact phone: +39 0639754846

City / Country: New York, United States of America

Newsroom: etkaan.submitmypressrelease.com



Source: Story.KISSPR.com



Release ID: 335635


This content is published on behalf of the above source. Please contact them directly for any concern related to the above.