- European Commission confirms leaked strategies on ensuring the concept of Metaverse does not become a monopoly.
- The document contains strategies to guide the use of metaverse based on EU values.
- The Commission strategy provides different plans for users, companies, and regulators.
European Commission shares strategy on the global governance of virtual worlds
Coindesk reported on the leaked document containing the European Commission’s plans on governing Metaverse-related companies.
On Tuesday, the European Commission confirmed the leaked plans when it sets out to take part in leading the metaverse to prevent big tech companies from stunting the growth of the developing concept.
The virtual world has caught the attention of big tech companies like Meta, Microsoft, and Apple, who already began their exploration of the metaverse.
The European Commission steps up to take a global interest in leading the metaverse to prevent the monopoly of metaverse by such companies.
“We need to have people at the center 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 Magaret Vestager, the Commission’s Vice President.
The European Commission plans, according to an EU executive, will be based on initiatives that reflect the EU’s fundamental rights and values to create an interoperable metaverse. The industry is estimated to exceed a global market size of 800 billion euros by 2030.
According to the document that contains the Eu plans for Metaverse, “The Commission aims to facilitate the establishment of a technical multi-stakeholder governance mechanism to address crucial aspects of virtual worlds and Web4 that fall outside the scope of existing internet governance institutions.”
The Commission plans to encourage international collaboration, identity management, and technological standards for the next Internet generation.
Corporations, regulators, and users.
The European Commission’s strategy shows the promise of regional hubs focused on 3D modeling, virtual reality, and gaming. The Commission also states its plan to collaborate with relevant stakeholders to develop an industrial roadmap across the European Union.
Additionally, the European Commission plans to study the business opportunities and challenges of new technologies.
Speaking on regulations, the Commission executive stated that the existing rules on privacy, consumer protection, and data governance would apply to the metaverse.
The European Digital Media Observatory and the Code of Practice on Disinformation will be tools used to collaborate with the Commission on matters relating to disinformation.
The strategy also includes the creation of regulatory sandboxes in the metaverse to maintain a safe environment for innovative business ideas.
To protect the creation of closed ecosystems by Big Tech in the metaverse, the Commission plans to ensure the interoperability of virtual worlds by collaborating with developing organizations.
An educative toolbox will be provided to Intellectual Properly holders to fight against counterfeiting.
Conclusively, the world has witnessed the positive impact of initiatives made by the European Commission in blockchain technology-related matters. The Markets in Crypto Assets(MiCA) Regulations prove the Commission’s global dominance and adherence to fundamental values.