The Legal Implications And Challenges In Protecting Consumer Rights In The Metaverse An Analysis Of Current UAE Regulations And Future Strategies.

Abstract

The Metaverse introduces new legal and regulatory issues that deserve our attention. As a virtual environment that combines blockchain, artificial intelligence, IoT, and cryptocurrency, it has the enormous ability to change society. However, this potential is inherently complex and risky, requiring extensive knowledge and adaptation to existing laws and regulations. This article discusses the metaverse's potential to revolutionize business transactions. It highlights the legal challenges of protecting customers in the Metaverse, including the use of NFTs, blockchain technology, and smart contracts. Examines the regulatory environment of UAE law, focusing on contracts between Metaverse users. This article highlights that while these theoretical questions are not new, the scope of virtual universes and their potential social impact can sometimes alter these principles in unpredictable ways. Technologists, practitioners, and regulators must remain sensitive to these changes to develop the right mix of user control, industry practices, and regulatory oversight. In this article, we explore the implications and challenges in protecting consumer rights in the metaverse according to current UAE regulations and future strategies. The article shows that the cooperation between UNCITRAL governments and private sector stakeholders is critical to improving consumer rights in the virtual world.