According to recent reports, the European Union (EU) intends to position itself as a frontrunner in the metaverse space, aiming to counter the potential dominance of Big Tech companies like Facebook’s Meta Platforms, Microsoft, and Apple. With concerns about the implications for smaller competitors, the EU has unveiled an ambitious plan to foster an open and interoperable metaverse, reflecting its values and fundamental rights.
The European Commission is dedicated to establishing a safe and inclusive online space where users can exercise their rights and freedoms in accordance with EU law. Anticipating significant growth in the global metaverse market, projected to exceed 800 billion euros by 2030, the EU aims to harness this expansion by coordinating the efforts of creators, media companies, and other interested parties, building a sustainable industrial ecosystem.
Margrethe Vestager, Vice President of the European Commission, emphasized the importance of prioritizing people and upholding EU values in the metaverse’s development. She expressed the EU’s desire to create a Web 4.0 that is open, secure, trustworthy, fair, and inclusive for all. While capitalizing on the economic potential of the metaverse, the EU plans to mitigate privacy and disinformation risks.
The EU intends to establish a fully functional industrial ecosystem in the metaverse, promoting innovation and ensuring a level playing field by bringing together creators, media companies, and other stakeholders. To encourage innovation and compliance with EU regulations, the EU plans to establish regulatory sandboxes, providing a safe environment for businesses to experiment with cutting-edge metaverse technologies and services.
To prepare individuals for the transformative potential of the metaverse, the EU will invest in programs that help people acquire the necessary skills. These initiatives will enable people to enter and excel in the metaverse economy. Additionally, the EU plans to leverage the metaverse to enhance public services, exploring various applications such as telemedicine and interactive classrooms.
While there are currently no specific regulations for the metaverse in the EU, the existing regulations on privacy, market power, and artificial intelligence are likely to extend to this new sector. Vestager reiterated that the regulations enacted in recent years will also apply to the metaverse, safeguarding user rights and fostering healthy competition.
The EU’s regulatory efforts are part of a broader strategy to counterbalance the dominance of Big Tech. By applying existing regulations to the metaverse, the EU aims to ensure a level playing field for all players, regardless of their size or stature.
As the metaverse continues to evolve, the EU is committed to becoming a key player in the field. It aspires to shape the metaverse in harmony with EU values, preventing Big Tech from monopolizing the space. Through collaboration, regulatory sandboxes, investment in skills development, and the exploration of virtual public services, the EU aims to create an open, secure, and inclusive metaverse for all.
Although there is currently no defined framework for governing the metaverse, it is expected that existing regulations will be extended to this new digital realm. The EU’s initiatives demonstrate its proactive approach to fostering innovation within a fair and competitive environment. By preserving user rights, privacy, and promoting economic growth, innovation, and social progress, the EU aims to transform the metaverse into a space that benefits all.
In conclusion, the European Union is determined to lead the metaverse revolution and counter the dominance of Big Tech. By fostering an open and inclusive metaverse, while mitigating privacy and disinformation concerns, the EU aims to create a level playing field for all stakeholders. Through regulatory sandboxes, investment in skills, and the exploration of virtual public services, the EU is committed to shaping the metaverse according to its values and protecting user rights.
