The Metaverse, as its creators envisioned it, a digital world fully formed with virtual identities, homes, belongings, and more, would transform our global economy. Development is growing rapidly as several platforms already offer interactive gaming, trading opportunities, and social experiences.

For example, Barbados has been working to declare digital real estate as sovereign land, the first country to do so. The island nation intends to build virtual embassies and consulates, develop services to provide electronic visas, and build a “teleporter” that will allow users to transport their…