The European Commission has unveiled a plan to lead in the metaverse and prevent Big Tech from dominating this emerging field, which could significantly boost economic growth. The initiative is designed to uphold EU values and fundamental rights and aims to create an open and interoperable metaverse, with the global market size projected to exceed €800B by 2030. The EU's move comes as Meta Platforms, Microsoft, and Apple are developing metaverse products or services, raising concerns about potential unfair advantages over smaller competitors. - The EU's plan involves assembling creators, media companies, and others to form an industrial ecosystem.
- The initiative includes setting up regulatory sandboxes to help companies experiment with the metaverse.
- The plan also includes rolling out skills development programs and virtual public services.
- Commission Vice President Margrethe Vestager stated that there are no plans to regulate the metaverse.
- Still, existing rules, including those related to privacy, market power, and upcoming artificial intelligence regulation, are expected to apply.
- The EU executive emphasized the need for the metaverse to be shaped according to EU digital rights and principles, addressing risks related to privacy and disinformation.
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