The metaverse presents interesting possibilities for organizations to create value through innovative business models and offers new ways to interact with their customers. This also applies to professionals in general and accountants in particular who will assist clients within Web 3.0.
The first step is to use non-fungible tokens (NFTs), which are units of data stored on the blockchain to certify ownership of digital assets. They are crypto entities based on blockchain technology, which hold the right to digital assets. In practice, the NFT owner buys the digital certificate of authenticity “embedded” in the token itself. The advisory activity of the accountant at metarvert begins here, from virtual funds and develops in typical areas, including accounting.
To do this, it would be appropriate to go into a virtual reality of metaverse cryptography, based on a decentralized blockchain, and therefore not controlled by the company that created it. The most important aspect is that operating on the blockchain, the metaverse uses the same infrastructures, which include crypto tokens, i.e. cryptocurrencies and NFTs. In short, everyone who joins the metaverse is also joining the vast crypto economic network.
Accountants and client companies must move into this protected network. Countless Decentralized Autonomous Organizations (DAOs) present some problems: cryptocurrencies are potentially unlimited and unregulated, but in fact, a global regulatory system is needed in order to create the basic legal structures for the operations of the organizations themselves. There are currently over 5,000 DAOs, with over 570,000 active participants among millions of investors, and a further increase is expected in the future. We find DAO in the world of social media, such as SongCamp, Radicle and most famously, included in the context of the Decentraland metaverse, or for investments, such as MetaCartel, Uniswap and Komorebi.
Indeed, more decentralization and a more diverse offering of platforms on which the sector can grow will be required, but doing so requires greater skills from ordinary users, outside of investors and developers. Starting with consultants, and in particular accountants. Improving the perception of the crypto world and contributing to the growth of the fan base will be the task of experts and institutions, particularly with establishing the legal foundations necessary for the development of DAOs, whereby advisors and investors will be able to support advancements in the sector.
At this point in the initiation and development of economic relations in the metaverse, in addition to the purely technological aspects, a fundamental problem must be faced. Regulating transactions and applicable jurisdiction. The field in which the assistance of professionals in the legal economic field, especially accountants, is required. It’s a question, obviously, about being able to rely on some legal guarantees in order to guide the choices of companies that will invest in the virtual world of the metaverse. Let’s take an example. The purchase of an NFT transmits a unique digital object certified through blockchain technology and represents one of the possible digital copies of an original physical asset, such as a work of art. You have to ask yourself if this is an authorized reproduction. Indeed, the Italian copyright law recognizes the author of an artwork the exclusive right to reproduce his creations, or to duplicate them in copies for profit, in any way or form, and therefore also through the NFT. This right remains with the author even when sold. But if it is not absurd, and Italian law is to be applied in this case, the responsibilities arising from unauthorized copying may be assumed by the business owner. So the topic of originality of the work can be relevant not only to the owner of the rights to exploit the original illegally encoded work, but also to the buyer of the illegally created NFT.