Traversing the Metaverse: A Caribbean Perspective

Introduction

Within recent months the term “metaverse” has generated much discussion globally and has become one of the latest technology buzzwords. The term gained even greater prominence with the rebranding of technology giant Facebook to Meta.  In addition, the Government of Barbados also announced in 2021 that it would establish an embassy in the Metaverse, making it one of the first to do so.

What exactly is the metaverse and what are the opportunities and risks for governments and businesses?  How can these be addressed through global policy and regulation in the interest of humanity?  Will it exacerbate the global technology divide between developing and developed countries and further global inequalities? Or will it provide new opportunities to participate in the new global digital economy?

It is estimated that by 2025 the global metaverse market will be worth 280 billion US dollars.  For governments and businesses alike, this represents opportunities for wealth creation.  In the case of Barbados with its sovereign metaverse embassy, it affords it the opportunity to extend its global reach in areas such as consular services, trade promotion, cultural exchanges, and generally the promotion of its national brand.

The Caribbean Telecommunications Union, in partnership with the Government of Barbados, will host a webinar to explore the aforementioned issues about the metaverse in an effort to educate and raise awareness of the opportunities and challenges for, in particular, small island developing states (SIDS). The webinar will be open to the public but will specifically focus on key stakeholders such as ICT policy makers, economists, technologists, entrepreneurs and academia.

The key areas of focus include, but are not limited to:

• Theme 1:  AWARENESSS – This theme will explain the metaverse from a conceptual and technical perspective.  Key terms such as virtual, mixed and augmented realty, blockchain, non-fungible tokens (NFTs), crypto-currencies, and others will be explored in an effort to raise public awareness of key terminology.

• Theme 2: OPPORTUNITIES, RISKS AND CHALLENGES – This theme will examine the economic, social and cultural opportunities for different stakeholders including governments and the private sector.

Expected Outcomes

The webinar will enable discussion that will assist in the formulation of policy, legal and regulatory issues for consideration.  This will allow the relevant stakeholders to advance regional initiatives and make the necessary policy interventions in the interest of ensuring the Caribbean is poised to provide global leadership in this emerging technological space.

Key Partners

• Caribbean Telecommunications Union (CTU)

• Government of Barbados

• META

Venue and Date

• Monday 31^st January, 2022 – 10 AM AST
• Virtual Meeting Platform – Hubilo

Target Audience

• Policymakers in government (technology, diplomacy, education)
• Technical Community
• ICT and Financial Services Regulators
• Business Community
• Civil Society/Public

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