April 19, 2024
UK Politicians Embrace Metaverse for Web3 Strategy
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UK Politicians Embrace Metaverse for Web3 Strategy

A group of British politicians made a significant foray into the metaverse on September 20, addressing leaders from 51 nations to articulate their vision for the future of the United Kingdom’s blockchain and Web3 industries.

During this metaverse gathering, eight prominent British Lords and politicians engaged with global leaders to discuss the opportunities and challenges associated with the burgeoning Web3 technology.

One notable participant was Natalie Elphicke, a member of parliament and the chair of the newly established All-Party Parliamentary Group (APPG) for Blockchain Technologies. She made her presence felt in the metaverse through a unique avatar and underscored the transformative potential of Web3, stating:

“Web3 represents a paradigm shift that reimagines the very fabric of the internet.”

In her keynote address, Elphicke emphasized that the UK has the potential to evolve into a blockchain-driven “smart country.” However, she acknowledged that the nation was currently falling behind its competitors in terms of securing blockchain-related job opportunities.

Elphicke identified the growth of the Web3 industry and effective workforce planning as the foremost national priorities. She stated:

“Part of that is about making the UK an attractive hub for Web3 founders, developers, programmers, and companies to work here.”

She also advocated for the development of more comprehensive national blockchain roadmaps and increased collaboration between countries, highlighting that fewer than 12 nations have published such roadmaps at present.

Furthermore, she expressed a commitment to advancing the National Blockchain Roadmap, initially published in 2021. This roadmap envisions the creation of a blockchain-based “digital nation” with applications in climate mitigation, industrial symbiosis networks, and digital identity programs. Elphicke also addressed the challenges and opportunities posed by decentralized finance (DeFi) and stressed the need for transparency, audibility, and accountability within these ecosystems.

Additionally, she spoke about the growing trend of real-world asset tokenization, stating, “It is unquestionable that our world is being tokenized,” and predicting that the tokenization of physical assets would continue to expand.

In a related development, on September 19, the Online Safety Bill, designed to regulate specific internet services in the UK, including those within the metaverse, successfully passed through parliament.

Image by Freepik

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