Meeting in the Metaverse
In an unprecedented gathering on September 20, a total of eight British Lords and politicians entered the metaverse, addressing leaders from 51 nations about the potential of the UK’s blockchain and Web3 sectors.
A Paradigm Shift
Natalie Elphicke, chair of the All Party Parliamentary Group for Blockchain Technologies, emphasized the transformative nature of Web3 in her keynote:
“Web3 represents a paradigm shift that reimagines the very fabric of the internet.”
UK’s Web3 Aspirations
Elphicke painted a vision of the UK emerging as a “smart country”, enabled by blockchain. However, she pointed out that the nation currently lags behind in securing pivotal roles in the blockchain industry.
A Hub for Web3 Innovators
Elphicke stressed on the importance of positioning the UK as a desired destination for Web3 experts, suggesting:
“Part of that is about making the U.K. an attractive hub for Web3 founders, developers, programmers, and companies to work here.”
Roadmap to Digital Excellence
Highlighting the lack of blockchain roadmaps globally, Elphicke emphasized the UK’s priority in driving its National Blockchain Roadmap from 2021, which aspires to establish a blockchain-driven “digital nation”.
Navigating the Challenges
DeFi, according to Elphicke, presents both unique opportunities and challenges. The emphasis was on the need for transparency, auditability, and accountability in DeFi systems.
Tokenization of the Real World
Speaking of real-world assets, the Conservative Party politician remarked:
“It is unquestionable that our world is being tokenized. Physical assets are getting tokenized, and this trend will only grow from here.”
Balancing Innovation with Regulation
A day before this metaverse gathering, the UK parliament passed the Online Safety Bill. The bill aims to regulate various internet activities, encompassing those in the metaverse, ensuring safety and governance in the evolving digital realm.