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As the digital economy evolves, businesses continue to look to new ways of engaging with customers in a digitally native format, including using NFTs and tokenisation. As new applications and use cases for NFTs emerge, businesses will need to navigate the legal and risk issues to leverage the opportunities NFTs offer.
Many different technologies will need to be rapidly developed and scaled if the world is going to achieve the transition to net zero by 2050. They will require significant public and private investment in 2023 and beyond.
To achieve net zero by 2050, trillions of dollars of investment is needed in net zero technologies. Harnessing the intellectual property rights in these technologies is key to enabling the investment and collaborations needed to develop, scale, and deploy these technologies in 2023 and beyond.
With rapid change forced by digitalisation, energy transition and deglobalisation, companies continue to invest in new technologies to future-proof their business and adjust to the new geopolitical realities. Yet they need to take account of increased governmental scrutiny and regulation and the need for potential filings in almost all transactions.
In a world where digital connectivity is critical to consumers, businesses and economies, there is a desire for more robust data and cyber protections, and a perceived need to safeguard national security interests. In 2023, we expect businesses to face increasing compliance requirements with the development of national and potentially supranational frameworks seeking to regulate increasingly global data flows.
In 2022, governments, regulators, and competition authorities focused intently on the tech sector. With new competition tools, greater scrutiny of mergers and a desire to keep pace with tech developments such as the metaverse, competition law will continue to shape the digital economy in 2023 and beyond.
Until relatively recently, competition class actions were primarily a US phenomenon, but a flurry of recent claims in the UK and the EU mark a shift in the risk outlook for the tech sector. Claimants are pursuing class actions in multiple jurisdictions with firms willing to pursue novel claims, even without a prior infringement finding by a competition authority.