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What is the point of an European metaverse?

TL;DR

  • The EU is pushing to create its own metaverse to challenge the dominion of American tech giants like Meta.
  • The EU proposes eliminating “walled gardens” through shared standards to create a more democratic and inclusive virtual space.
  • The EU seeks to support open-source projects and tech startups, stimulating the European tech ecosystem and promoting competition.

In a world increasingly moving towards digital and virtual platforms, the significance of a European metaverse is steadily rising. But why?

The answer lies in the continent’s quest to challenge the dominion of American tech giants and create a virtual space that offers more than just the whims of Silicon Valley.

Breaking down the walled gardens

Brussels, the administrative heart of the European Union, is driving this endeavor. The metaverse, a virtual universe where online interaction occurs in three-dimensional virtual spaces, has so far been dominated by American companies like Meta, formerly Facebook.

But the EU aims to change this by developing its own competitive metaverse. One could argue that this ambition is fueled by the discontent towards the monopolistic tendencies of tech giants.

These companies operate in “walled gardens”, offering platforms with rules of their own making, often placing their competitors at a disadvantage.

By proposing an elimination of these walled gardens through shared standards, the EU is setting the stage for a virtual reality that is democratic and inclusive. It’s not just about competition; it’s about creating a metaverse that truly represents the principles the EU stands for.

In furtherance of this objective, the EU is calling for open source projects and tech start-ups to come forward, incentivizing their participation in creating this metaverse.

The idea is to ignite a spark in the European tech ecosystem, challenging Silicon Valley’s preeminence and, hopefully, shifting the center of gravity to Europe.

However, just as with any significant venture, this plan comes with its share of challenges. While the EU is eager to establish its own metaverse, the competition is fierce. Both China and the US continue to be front-runners in the race to dominate the virtual worlds of tomorrow.

The EU’s plan isn’t just a challenge to foreign tech companies, it’s also an invitation to its member states to co-finance these ambitious metaverse projects.

The intent is to test new business models and establish a pan-European tech hub through collaboration between the private and public sectors.

The future of the European Metaverse

To address potential anti-competitive behaviors in the virtual world, the EU antitrust chief, Margrethe Vestager, has acknowledged the need for legislation and regulation.

As major tech firms such as Meta, Microsoft, and Apple advance in their development of metaverse products or services, smaller competitors could be left in the dust.

Vestager’s focus, however, isn’t just on competition. She is also interested in understanding the industry’s dynamics.

By offering a “toolbox” with guidelines for participation in the metaverse and strategies to combat counterfeiting, the European Commission hopes to drive a user-centric approach.

The end goal is a Web 4.0 powered by open, distributed technologies, interoperable platforms, and networks, with users having freedom of choice.

The path forward is uncertain, but one thing is clear. The quest for a European metaverse is more than just a battle for digital supremacy. It’s a bid for technological sovereignty and a democratic digital space where the norms are not solely dictated by a few tech giants.

The journey won’t be easy, and the challenges will be plenty. However, the prospect of a digital space that embodies the principles of diversity, inclusivity, and competition makes the struggle worth it.

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 decision.

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Jai Hamid

Jai Hamid is a passionate writer with a keen interest in blockchain technology, the global economy, and literature. She dedicates most of her time to exploring the transformative potential of crypto and the dynamics of worldwide economic trends.

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