The Metaverse does not exist (yet)

History, failures and European regulation

Abstract

What really is the metaverse that is often talked about today? Where did it come from, and what is its likely future?
This paper aims to shed light on the meaning of “metaverse” and on how the currently available products on the market, freely accessible by the public, are very different from what the original meaning of the term should be. They are many, they are diverse, and they are disconnected from each other - and they are often criticized by online communities.
The research shows three basic requirements that constitute current "metaverses,": the requirement of an internet connection, the presence of “avatars”, and a virtual world, and analyzes their historical genesis, starting with the tabletop role-playing games of the 1980s. Then, it explores new legislative and regulatory projects on the part of the European Union, which has been intrigued by this phenomenon. Finally, its economic potential is shown, and how it is exploited today.