EU Calls for Level Playing Field in Metaverse Development
The European Union (EU) has called for a level playing field in the development of the metaverse, emphasizing the need for European businesses to have equal opportunities. According to a report adopted by the Committee on Internal Market and Consumer Protection, many metaverse projects are being developed by companies outside the EU who possess the necessary resources and financial capabilities. The report urges the EU to take a leading role in metaverse development and create an environment that supports European companies.
European Commission’s Plans for Metaverse Supervision
The adoption of this report by the committee follows the European Commission’s plans for metaverse regulation. In July, the EU executive body highlighted the need for new standards and global governance in supervising the metaverse. The European Commission has already developed a strategy for web4 and the metaverse, defining virtual worlds as persistent, immersive environments based on 3D and extended reality (XR) technologies.
About Author
Brian McGleenon is a UK-based markets reporter for The Block. He has extensive experience as a financial journalist and producer, having worked with various news outlets such as Fuji Television, The Independent, Yahoo Finance, The Evening Standard, and The Daily Express. Brian is also involved in screenwriting and film production. Alongside his interest in web3 and cryptocurrency developments, he follows geopolitics, environmental issues, artificial intelligence, and longevity research.
Hot Take: EU Seeks Fairness in Metaverse Development
The EU’s call for a level playing field in metaverse development reflects its ambition to support European businesses and foster innovation within its borders. With many metaverse projects being led by companies outside the EU, it recognizes the importance of taking a leading role to ensure equal opportunities for its own enterprises. By emphasizing the need for new standards and global governance, the EU aims to establish a regulatory framework that promotes fairness and competitiveness in the metaverse. This proactive approach demonstrates the EU’s commitment to shaping the future of virtual worlds and positioning itself as a key player in this emerging technology.
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