In collaboration with Cyber Lex
In collaboration with Cristiana Falconedirector and member of the Related Parties Committee and of the Sustainability Committee at TIM, we explored some of the legal dilemmas of two current issues, NFT and the Metaverse. The former (Non-fungible Tokens) are considered the future of deeds and certificates of authenticity, while the Metaverse is considered the future of the internet. In recent months, nothing else has been talked about and the tech and academic communities are starting to discuss the new challenges that these technologies are proposing to lawmakers.
Recently, in an interview published onlineCristiana Falcone commented Halfthe Metaverse created by Facebook, underlining its characteristic of “collective project open to all and powered by the company’s products and services” with the purpose of “developing technologies that help people connect, communities develop and businesses grow“. According to Mark Zuckerberg it will take about 10 years for the migration process of the world wide web that we know today in the Metaverse he designed.
“It will probably take as many years to lay solid legal foundations to protect freedom of expression, privacy, transparency, consumers, equity and inclusion in the Metaverse.“Says Cristiana Falcone, for whom”it remains to be understood with what rules we are entering this novelty“.
In just a few months, NFTs have already left a long line of legal issues pending. “The complexity of blockchain and smart contract technologies do not allow consumers to effectively inform consumers about the product or service they are buying and even artists and companies have no idea what rights they are giving up and what obligations they are meeting.”Says Cristiana Falcone. At the moment, therefore, the NFTs implement the old legal schemes, especially as regards cyber crimes: this is the case, for example, of the application of the V EU directive and of the legislative decree 231/2007 to money laundering crimes through the creation and the exchange of NFT. Not all the old legal schemes, however, are sufficient to protect intellectual property and consumer rights, some of which, such as the right of withdrawal, fail due to incompatibility with product technology – once a digital good has been purchased on a platform. NFT, there is no way to terminate the contract and return the product.
However, it should be remembered that for a year the European Union has been working on new digital rules, mostly aimed at correcting the distortions created by the concentration of power in the hands of a few major players. “Let’s also ask ourselves – keep on Cristiana Falcone – 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. An unethical use of the Metaverse creates perverse systems of digital behavior. The laws should in any case be designed to guarantee the fundamental rights of democracy without penalizing innovation, prosperity, the growth of new businesses and jobs “.
The sale of NFTs and services / products in the Metaverse must not be hindered by the legislator, but adequately regulated to allow for an ethical and sustainable development, shifting the legal question to corporate governance. “These last – concludes Cristiana Falcone – will have to focus on overcoming technological barriers, considering that, as these technologies continue to develop, new and complex legal issues will be involved“.
We thank Cristiana Falcone and below you can read a short biography taken from her LinkedIn profile
Cristiana Falcone boasts over 20 years of professional experience in the development of strategies and implementation of partnerships for business development gained by collaborating with the leaders of multinational companies (SONY, Shell, Revlon), interacting with international government organizations (ILO, IFAD, FAO, UNDCCP, IADB) and operating in the world of media (Italian Radio Television, Espresso Group, Univision, Viacom).
In 2004 he directed the Media, Entertainment, Information and Sport section of World Economic Forum to then become Senior Advisor to the Executive Chairman and Founder who entrusts her in particular with the responsibility for the development of innovative services and products and the assessment of the geopolitical risk associated with emerging technologies.
Since 2006 he has been CEO and member of the Board of Directors of JMCMRJ Sorrell Foundation which promotes innovative global initiatives in the fields of health, education and poverty reduction to achieve the UNSDG goals.
He is a member of the boards of directors of TIM and of Paley Center for Mediaof the Guido Carli Foundationfrom Internewsof the cultural and publishing project Antsof the Tufts Universityof the Summit Institute.
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