The European Commission has raised concerns about the risks to privacy, openness, cybersecurity, and equality in online virtual worlds.
Online
giants may dominate the metaverse, creating barriers to entry for local
companies and shutting out EU startups and SMEs.
- The European Union's executive arm will issue proposals in the coming months, but it is unlikely to include a draft bill.
- The
dominance of a small number of big players in virtual worlds could
create market entry barriers and shut out EU startups and SMEs from this
emerging market.
- The draft sets out a range of policy issues
for Web 4.0, including equality, data privacy, cybersecurity, openness,
and finance for local businesses.
- The EU recently passed a
Digital Markets Act to address anticompetitive behavior by Internet
giants. Still, the bloc is concerned that similar trends could emerge in
future iterations of the Internet economy.
- The
EU wants to ensure that the virtual world remains a fair, competitive,
and accessible space for all businesses, regardless of size or location.
