EU lawmakers push for leadership in shaping the Metaverse to reduce technological dependencies


  • EU lawmakers want Europe to lead in the metaverse to avoid falling behind in the digital revolution and support local businesses.
  • The European Parliament’s report calls for a level playing field for European companies and engagement with other countries in shaping metaverse standards.
  • The EU aims to establish strong digital regulations and values to guide its role in the evolving metaverse, putting citizens at the forefront of the digital future.

In a resounding call to action, European Union lawmakers have asserted the need for the 27-nation bloc to take a prominent role in shaping the metaverse, emphasizing the importance of reducing technological dependencies on non-EU nations and supporting European businesses.

This significant move was part of a comprehensive report by the European Parliament’s Committee on Internal Market and Consumer Protection, which delves into the opportunities, risks, and policy implications of virtual worlds.

A vision of the Metaverse

The metaverse, often described as an imagined future internet, is a collection of interconnected virtual worlds that offer shared, interactive, and potentially immersive digital environments. As technology continues to advance, the metaverse holds the promise of revolutionizing various aspects of society, from entertainment and commerce to education and communication.

The European Parliament’s Committee on Internal Market and Consumer Protection voted overwhelmingly in favor of the report, with 31 votes in support and only two against. This decisive endorsement underscores the urgency and significance of the matter at hand. The report calls attention to the current state of metaverse development, with a predominant presence of a few non-EU companies wielding significant resources and financial capabilities.

EU’s drive for self-sufficiency

The European Union’s ambition to lead in the metaverse sphere stems from a desire to avoid being left behind in the next digital revolution. EU lawmakers recognize the importance of establishing a solid foundation rooted in robust digital regulations, guiding principles, and core values. Pablo Arias Echeverría, the rapporteur responsible for shepherding this initiative through the parliament, emphasized the need for Europe to take the lead in shaping its digital future while putting its citizens at the forefront of this transition.

“Europe cannot afford to lag behind in the next digital revolution nor can we repeat past mistakes,” Mr. Arias Echeverría stated.

“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!”

One of the key objectives outlined in the report is the necessity to foster a level playing field to bolster European businesses. This approach seeks to create an environment where European companies can compete on equal footing with their non-EU counterparts in the metaverse arena. To achieve this, the report calls for the establishment of a suitable policy framework while engaging with other countries to promote cooperation and collaboration in the development of metaverse standards.

EU’s response to the Metaverse challenge

The European Commission’s plans for the metaverse, published in July, provided a framework for the EU’s approach to this evolving digital landscape. While the Commission did not propose specific laws for governing virtual worlds, it recognized the need for new standards and global governance to oversee the metaverse’s development. The Commission’s strategy defined virtual worlds as “persistent, immersive environments based on 3D and extended reality (XR) technologies.”

The European Parliament’s report builds upon the Commission’s strategy, emphasizing the importance of EU leadership and the formulation of a comprehensive approach that aligns with the bloc’s values and priorities.

As the EU takes bold steps toward asserting its leadership in shaping the metaverse, it remains to be seen how this ambitious vision will translate into concrete actions and policies. However, one thing is clear: the European Union is determined to secure its position in the digital future, safeguard its businesses, and ensure the well-being of its citizens in an ever-evolving virtual world. The global tech landscape is undergoing a profound transformation, and the EU is making its intentions known—it intends to be at the forefront of this metamorphosis.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Benson Mawira

Benson is a blockchain reporter who has delved into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), etc.His area of expertise is the cryptocurrency markets, fundamental and technical analysis.With his insightful coverage of everything in Financial Technologies, Benson has garnered a global readership.

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