- Europe cannot afford to lag behind in the next digital revolution
- Companies outside the EU have been most active in metaverse projects
European Union lawmakers have called on the 27-nation bloc to take a leading role in shaping the metaverse to support EU businesses and limit technological dependencies on other countries, CoinDesk wrote. The medium cited a report by the European Parliament’s Committee on Internal Market and Consumer Protection on risks, opportunities, and policy implications of virtual worlds.
The metaverse is a virtual world collection building an imagined future internet that is interactive, shared, and potentially immersive. The committee approved the report with an overwhelming majority.
New standards are needed
The EP Committee’s activity follows plans for the metaverse that the European Commission published in July. While the committee did not propose any legislation, it did point out new standards for supervision of the metaverse were needed, as well as global governance.
The EC’s strategy on the metaverse and Web4 defines virtual worlds as immersive and persistent environments based on extended reality and 3D technologies. According to a BanklessTimes.com data analysis, metaverse users will surpass 600 million by 2026 thanks to Generative Artificial Intelligence (AI).
Europe must take a leading digital role
The report points out that a number of companies outside the EU has developed metaverse projects, which have the needed financial capacity and resources, and calls for the EU to take a leading role. Pablo Arias Echeverría, who is backing the initiative, said:
Europe cannot afford to lag behind in the next digital revolution nor can we repeat past mistakes. As we step into Web 4.0 with the development of virtual worlds, we have to lay a foundation, rooted in strong EU digital rules, guiding principles and values. Europe has to lead this transition, placing citizens at the heart of our digital future.
The legislators also encourage a level playing field to boost European business and create an appropriate policy framework that involves other countries.
Finally, the report points out the need to address risks related to data protection, mental health, consumer protection, and cyberviolence.
