Government has mentioned that it has no plans to use any rules on Metaverse or Web 3.0, as these applied sciences are nonetheless evolving. This was knowledgeable by Minister of State for Finance Pankaj Chaudhary in Parliament, in response to a query on them.
Finance Ministry sources have mentioned that they’re conscious of the rising new applied sciences in addition to speedy proliferation of applied sciences like Artificial Intelligence, Blockchain, Drone, Augmented Reality, Metaverse and Web 3.0.
They additional added that nationwide methods has already been formulated by the federal government on Artificial Intelligence and Blockchain.
Also, the Information Technology Act, 2000 covers the expertise sphere within the nation, and subsequently authorities doesn’t intend to control such evolving sectors.
What is Metaverse?
Metaverse is a community of 3D digital worlds centered on social connection. In futurism and science fiction, it’s usually described as a hypothetical iteration of the Internet as a single, common digital world that’s facilitated by means of digital and augmented actuality headsets.
Components of metaverse expertise have already been developed inside on-line video video games.
What is Web 3.0?
Web 3.Zero is an concept for a brand new iteration of the World Wide Web (www) based mostly on blockchain expertise, which contains ideas akin to decentralization and token-based economics.
The time period was coined in 2014 by Ethereum co-founder Gavin Wood, and the thought gained curiosity in 2021 from cryptocurrency lovers, massive expertise corporations, and enterprise capital companies.