A group of British politicians made a groundbreaking foray into the metaverse on September 20th, addressing leaders from 51 nations and unveiling their vision for the future of the United Kingdom’s blockchain and Web3 industries. In this unprecedented metaverse gathering, eight prominent British Lords and politicians took center stage, illuminating the opportunities and challenges that accompany the rapid growth of Web3 technology.
Natalie Elphicke, a member of the British Parliament and chair of the newly established All Party Parliamentary Group (APPG) for Blockchain Technologies, captivated the virtual audience by appearing as her unique avatar in the metaverse. With conviction, she underscored the profound significance of Web3 as the next transformative phase of the internet, proclaiming, “Web3 represents a paradigm shift that reimagines the very fabric of the internet.”
In her illuminating keynote address, Elphicke laid out an ambitious vision for the United Kingdom. She expressed her belief that the UK has the potential to evolve into a blockchain-enabled “smart country.” Nonetheless, she acknowledged that the nation was trailing behind its global counterparts in securing blockchain-related employment opportunities.
Elphicke prioritized the growth of the Web3 industry and workforce development as the UK’s foremost national objective. She passionately asserted, “Part of that is about making the U.K. an attractive hub for Web3 founders, developers, programmers, and companies to work here.” She called for the formulation of comprehensive national blockchain roadmaps and urged international collaboration, highlighting the fact that fewer than 12 countries had published such roadmaps thus far.
Moreover, Elphicke emphasized the importance of advancing the National Blockchain Roadmap, which was originally published in 2021. This roadmap aspires to create a blockchain-powered “digital nation” and envisions the application of blockchain technology in various domains, including climate mitigation, industrial symbiosis networks, and digital identity programs.
Elphicke did not shy away from addressing the complex realm of DeFi (Decentralized Finance), acknowledging its unique challenges and opportunities for regulators and policymakers. She stressed the critical need for transparency, auditability, and accountability within these burgeoning ecosystems.
The forward-thinking politician also touched on the burgeoning trend of real-world asset tokenization. She confidently asserted, “It is unquestionable that our world is being tokenized,” and predicted the continuous expansion of this trend in tokenizing physical assets.
However, it’s noteworthy that on September 19th, the Online Safety Bill, aimed at regulating specific internet services in the UK, including activities within the metaverse, successfully passed through the parliament. This development underscores the UK’s commitment to ensuring a safe and responsible online environment even as it takes pioneering steps into the metaverse and Web3 era.