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The Wild West of LawCity, Web3 and the Metaverse
Welcome to LawCity, the newest legal frontier town online at the intersection of Future, Innovation, Technology and Commerce. Much like the towns that sprung up in the "Wild West," LawCity offers exciting new opportunities for law firms doing business in the metaverse.
But what is the metaverse? Is it a game? Is it virtual reality? Is it AI? Let's put aside any scoffing that the metaverse is simply a gaming environment for teenagers to play in. We need to accept the real-world legalities and practicalities that law firms today have to understand about how they, and the next generations of their lawyers, will be conducting business.
Defining the Metaverse
Before we enter the metaverse, let's briefly define some terms that may be unknown to many people over age 25.
- The Metaverse: According to ChatGPT, "the metaverse is … a fully immersive virtual world that is part of the internet. It is essentially a collective virtual shared space where users can engage in a range of activities, such as socializing, gaming, education, work, and commerce. It is envisioned as a seamless integration of virtual and physical worlds."
- NFT: Non-fungible token. A one-of-a-kind digital asset; ownership is verified on a blockchain.
- Decentraland: This 3D virtual world is a browser-based platform where LawCity is established in the metaverse. Users may buy virtual plots of land as NFTs, purchase wearables for avatars, play games, exchange collectibles and interact.
- Blockchain: A digital ledger that securely and permanently records transactions. Each block in the chain contains a list of transactions that cannot be updated, deleted or tampered with after a block is added to the chain.
- DeFi: Decentralized finance. According to ChatGPT, "A new financial system that is built on blockchain technology and operates in a decentralized manner, without the need for traditional financial intermediaries like banks or brokerages." Users conduct purchases in the metaverse with cryptocurrencies linked to DeFi and NFTs.
- LawCity.com: As the first legal district, legal directory and legal search engine in the metaverse and Web 3.0, LawCity will be the starting point for every avatar's legal journey in the metaverse. LawCity intends to continue to purchase, develop and build immersive 3D worlds specifically designed for the legal industry and their unique use cases.
Let's Get Phigital
Who are (and will be) the consumers and businesses engaging with the metaverse?
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