In a groundbreaking move, the European Union (EU) has unveiled plans to take the lead in the metaverse, a shared virtual world accessible through the internet. This bold strategy, termed the “EU’s metaverse initiative,” seeks to prevent Big Tech firms from dominating this nascent sphere, which could significantly fuel economic growth.
EU Takes on Metaverse: A Move Towards Decentralization
The EU’s metaverse initiative reflects its commitment to ensuring the global market, estimated to exceed €800 billion by 2030, remains open and interoperable. As a part of this effort, the EU aims to establish a robust industrial ecosystem, comprising creators, media companies, and other stakeholders. This initiative could shape the future of the internet, referred to as “Web 4.0,” where the emphasis is on a secure, trustworthy, fair, and inclusive digital environment.
Big Tech’s Role and the Fear of Dominance
Big Tech companies like Facebook’s Meta Platforms, Microsoft, and Apple are aggressively working on metaverse products and services. These developments have prompted concerns that these industry giants could gain an unfair advantage over smaller rivals. By launching this initiative, the EU is attempting to level the playing field, allowing diverse players to partake in and benefit from this exciting new frontier of technology.
Upholding EU Values in the Virtual World
“We need to have people at the centre and shape it according to our EU digital rights and principles, to address the risks regarding privacy or disinformation. We want to make sure Web 4.0 becomes an open, secure, trustworthy, fair, and inclusive digital environment for all,“
said Commission Vice President Margrethe Vestager. Furthermore, she mentioned that although there are no immediate plans to regulate the metaverse, existing rules including privacy, market power, and the upcoming artificial intelligence regulation would apply to this new field.
A Look into the Metaverse Market Growth
The metaverse market has shown incredible growth, leaping from €27 billion last year to a projected €800 billion by 2030. The EU’s metaverse initiative seeks to foster this growth while ensuring that its principles of fairness, inclusivity, and security are maintained in the digital space.
In conclusion, the EU’s metaverse initiative is a commendable effort to ensure that the metaverse stays open, fair, and doesn’t fall prey to Big Tech’s dominance. It’s a significant step towards a future where technology, digital rights, and economic growth align in harmony. We look forward to seeing how this will shape the future of the metaverse.
We’d love to hear your thoughts on the EU’s metaverse initiative. Do you think it will succeed in creating an equitable digital world? Share your views in the comments below.
