Embracing Web 4.0: The EU’s Strategy to Lead the Metaverse Revolution
The European Commission’s recent adoption of the “Towards the next technological transition: Commission presents EU strategy to lead on Web 4.0 and virtual worlds” marks a pivotal moment in the advancement of metaverses.
With a clear vision for the future, the EU aims to harness the potential of this emerging technology and propel Europe to the forefront of the digital landscape.
The development of the EU’s strategy for Web 4.0 and virtual worlds has been a result of significant groundwork and collaboration. Several key milestones and contributions have shaped this transformative approach:
- The Virtual and Augmented Reality Industrial Coalition: In September 2022, EU Commissioner for Internal Market, Thierry Breton, launched this coalition, setting the stage for the policy-making process. The coalition’s statement of work has played a crucial role in shaping the strategy.
- European Citizens’ Panel on Virtual Worlds: Between February and April 2023, a European Citizens’ Panel convened to deliberate on virtual worlds and formulated 23 recommendations. This panel’s insights and perspectives have influenced the EU’s approach to metaverses.
- Engagement with Stakeholders and Experts: The EU actively sought input from various stakeholders, including individuals, civil society groups, institutional and industrial stakeholders, and member states’ governments. Notably, participants like the official advisor on the Finnish Government’s National Metaverse Strategy Board and a member of INTERPOL’s Metaverse Expert Group contributed valuable insights.
Key Takeaways
1. Metaverse as a Catalyst for Global Growth: The EC recognizes the metaverse as a powerhouse, projecting its worth to skyrocket from €27 billion in 2022 to a staggering €800 billion by 2030, accompanied by the creation of approximately 860,000 new jobs by 2025.
2. Emphasizing EU Values and User Protection: Ensuring user safety, empowerment, and respect for rights are fundamental to the EU’s approach. Metaverse platforms operating within the EU must adhere to EU values, principles, and fundamental rights, fostering an environment where users, consumers, workers, and creators are respected.
3. Openness, Interoperability, and Sustainability: The EC advocates for metaverse platforms to be built on open and highly distributed technologies and standards. Interoperability between platforms and networks, freedom of choice for users, and sustainability serve as core tenets of the EU’s technological developments.
Metaverse Regulations and Governance
The Commission will orchestrate a collaborative effort in the coming months, bringing together Member States and engaging with multi-stakeholder Internet governance institutions. The creation of a technical multi-stakeholder forum and a structured approach to monitoring virtual world development across industrial ecosystems are key steps in ensuring responsible regulations and governance.
The EU’s strategy to lead on Web 4.0 and virtual worlds represents a momentous leap forward in the evolution of the metaverse. As we delve deeper into the strategy and EU’s metaverse roadmap, we’ll explore the intricacies and implications of this visionary approach.
Congratulations to all those involved in shaping this strategy, for their dedication and coordination in this groundbreaking endeavor.
As regulations come our way! Let’s continue innovating in the field of Metaverse development.
