BRUSSELS (Reuters) – The European Commission has unveiled an ambitious plan to seize control of the metaverse, a shared virtual world accessible through the internet. This move is aimed at preventing Big Tech companies like Facebook owner Meta Platforms, Microsoft, and Apple from dominating this emerging sphere, and to promote economic growth. The EU’s initiative seeks to establish an open and interoperable metaverse that adheres to EU values and fundamental rights. The global market size for the metaverse is projected to exceed 800 billion euros by 2030, up from 27 billion euros last year.
Concerns have arisen that Facebook, Microsoft, and Apple’s involvement in the metaverse could give them an unfair advantage over smaller competitors. To address this, the European Commission plans to bring together creators, media companies, and other stakeholders to develop a robust industrial ecosystem. Furthermore, the initiative includes the creation of regulatory sandboxes to facilitate testing of metaverse technologies by companies, as well as the launch of skills development programs and virtual public services.
“Our focus is on placing people at the center and shaping the metaverse in alignment with our EU digital rights and principles. We aim to address concerns related to privacy and disinformation, ensuring that Web 4.0 becomes an open, secure, trustworthy, fair, and inclusive digital environment for all,” said Commission Vice President Margrethe Vestager.
In a recent statement, Vestager clarified that there are currently no plans to regulate the metaverse. However, she expects existing regulations on privacy, market power, and forthcoming artificial intelligence regulation to be applicable to this new field.
(Reporting by Foo Yun Chee)
Credit: The Star : Tech Feed
