- The European Commission’s metaverse strategy, which was scheduled to be released next week, has been delayed.
- The commission has emphasized the need for the metaverse to align with “European values” and has raised concerns about potential dominance by big players and the suppression of competition.
- The commission’s use of plural terms like “virtual worlds” and “different metaverses” in its discussions suggests that it may be envisioning multiple separate virtual spaces, rather than a single unfragmented metaverse.
The European Commission’s metaverse strategy, which was scheduled to be released next week, has been delayed. The strategy is expected to address policy concerns related to virtual worlds, such as property rights, technological standards, and privacy. While the commission has indicated that the proposal won’t be legislative, it is seen as a starting point that may lead to stronger action in the future.
The delay in releasing the metaverse strategy is seen as a missed opportunity to set a clear regulatory framework for the industry. However, past experiences with EU rules in areas like Artificial Intelligence (AI) have shown that regulatory frameworks can be controversial and may have unintended consequences. For example, the recent Data Act, which aimed to govern data gathered by connected objects, raised concerns among Web3 proponents that it could make smart contracts illegal.
The commission has emphasized the need for the metaverse to align with “European values” and has raised concerns about potential dominance by big players and the suppression of competition. Companies like Facebook Meta and Apple have already made significant moves in the metaverse space. During a hearing in April, Meta’s EU Public Policy Director emphasized that the metaverse would be built by many different stakeholders, not just one company.
European Commission concerns
The commission’s use of plural terms like “virtual worlds” and “different metaverses” in its discussions suggests that it may be envisioning multiple separate virtual spaces, rather than a single unfragmented metaverse. This raises questions about how interoperability and competition will be addressed in the metaverse.
While some in the digital sector see opportunities in the metaverse, such as online job training and virtual factories, there are also concerns about fundamental issues like personal property rights. Some legal experts have pointed out that the terms and conditions of virtual worlds often undermine personal property interests. There is ongoing debate about how to address these problems and whether the metaverse requires its own set of rules.
Additionally, there are concerns about the potential invasiveness of extended reality technologies, such as headsets and glasses, which are central to the metaverse experience. These technologies raise issues related to human rights, data collection, and surveillance.
The metaverse is likely to rely on blockchain and cryptocurrencies as the technological building blocks for a decentralized infrastructure. A report by the European Commission’s Joint Research Centre highlights the role of blockchain and cryptocurrencies in supporting the metaverse.
The delay in the European Commission’s metaverse strategy highlights the complexity of policy issues surrounding virtual worlds. While there are opportunities in the metaverse, there are also concerns about property rights, technological standards, and privacy. The commission’s approach to regulation in the metaverse will need to balance industry needs and innovation with protecting fundamental rights and promoting competition.
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 decision.