The metaverse has officially caught the eye of Australian regulators

Developments in the metaverse industry have caught the eye of Australian regulators, with the nation’s telecommunications watchdog now investigating consumer and market trends in the emerging digital realm.

The Australian Communications and Media Authority (ACMA), which regulates phone, internet, and gambling content, on Thursday revealed the metaverse is included in its 2022-23 research program.

Research on the metaverse — described by advocates as an immersive virtual realm bridging the gap between business, gaming, and e-commerce — comes as part of ACMA’s broader investigation of emerging technology, as the regulator attempts to keep track of rapid developments in digital communication.

ACMA’s statement could mark the first time Australian regulators have formally registered their interest in the metaverse’s potential impact on Australian consumers.

While the vision of the metaverse as a fully-fledged virtual realm is yet to materialise, companies with a financial interest in its success believe it could have a seismic impact on how we interact, spend our leisure time, and do business.

Legs are coming soon! Are you excited? 🎉 pic.twitter.com/SB6qSepKm4

— Meta Horizon (@MetaHorizon) October 11, 2022

Early research shows Australians are open to experimenting with metaverse technology.

In August, a survey commissioned by mobile table ordering service me&u found 60% of millennials would be open to visiting a venue in the metaverse before trying it in real life.

And in September, a Bigcommerce survey found more than half of Australians would be willing to try shopping in the metaverse.

Beyond its new interest in the metaverse, ACMA also said it will conduct a review of how digital platforms handle user reports and complaints.

“This research will consider user experiences of reporting concerns and making complaints about harmful content on digital platforms,” it said.

Social casinos — apps and websites which allow users to play casino-like games without actually spending or winning money — will also come under the regulator’s purview.