The European Union (EU) is taking proactive steps to ensure its place in the rapidly evolving landscape of emerging technologies, including Web3, the metaverse, AI, and crypto.
With a clear vision and strategic plans, the EU aims to lead in metaverse development and prevent Big Tech from becoming too dominant in this economically viable sector.
EU’s Metaverse Strategy
The EU recognizes the immense potential of the metaverse and its projected market size of over 800 billion euros by 2030.
To harness this potential, the European Commission has unveiled a comprehensive strategy focused on reflecting EU values, safeguarding fundamental rights, and promoting openness and interoperability. The goal is to establish the EU as a global leader in metaverse development.
In the EU’s metaverse strategy, Web4 is distinguished from Web3 by its integration with the real world. While Web3 is still in the early stages of development, characterized by openness, decentralization, and user empowerment, Web4 takes the concept further.
It enables seamless integration between digital and real objects and environments, facilitating enhanced interactions between humans and machines.
The EU has been at the forefront of creating regulatory frameworks for emerging technologies. In May, the long-awaited Markets in Crypto-Assets (MiCA) framework was signed into law, providing clear guidelines for the crypto industry.
Additionally, the EU has been actively working on regulations for the development and deployment of artificial intelligence (AI) systems, ensuring the ethical and responsible use of AI.
The EU’s metaverse strategy emphasizes the importance of preventing domination by a few big players. With companies like Meta Platforms (formerly Facebook), Microsoft, Apple, and Google investing heavily in metaverse development, the EU aims to foster an ecosystem driven by open technologies and innovation.
The EU’s Commitment to the Future
The EU’s proactive approach to emerging technologies demonstrates its commitment to staying at the forefront of these sectors.
By setting clear regulations and strategies, the EU aims to ensure that the metaverse, AI, and crypto develop in a way that reflects its values and benefits its citizens. With a focus on openness, ethical use, and user empowerment, the EU strives to create a technologically advanced and inclusive future.
As the metaverse continues to evolve, the EU’s visionary approach positions it as a global leader, driving innovation while safeguarding user rights. By embracing emerging technologies and shaping their development, the EU is poised to shape the future and create a digitally connected world that works for everyone.