Europe envisions a metaverse that reflects EU values and fundamental rights

In a move to position itself at the forefront of metaverse evolution, the European Union (EU) is actively addressing concerns over the potential stronghold of Big Tech, especially given significant metaverse-related investments by giants like Facebook's Meta Platforms, Microsoft, and Apple.

The European Commission has proactively laid out a strategic blueprint to ensure that the metaverse remains open, interoperable, and, crucially, in alignment with the core values and rights inherent to the EU.

The European Commission's vision for this endeavor is to curate a secure and inclusive digital sphere where every user can fully enjoy their rights and liberties, consistent with EU legislation. 

Anticipating the exponential growth in the metaverse sector, the Commission estimates that by 2030, the worldwide metaverse market could exceed 800 billion euros, a meteoric rise from its 27 billion euros valuation in 2018. To tap into this booming sector, the EU seeks to synergize the contributions of content creators, media enterprises, and other relevant stakeholders in constructing a robust industrial framework.

In a Reuters article published last month, Margrethe Vestager, the Vice President of the European Commission, underscored the paramount importance of centering human interests and adhering to EU principles as the metaverse takes shape.

"We need to have people at the centre and shape it according to our EU digital rights and principles, to address the risks regarding privacy or disinformation. We want to make sure Web 4.0 becomes an open, secure, trustworthy, fair and inclusive digital environment for all."

EU's industrial ambition

The EU is charting a course toward carving out a robust industrial presence in the metaverse. By fostering collaboration among creators, media entities, and diverse stakeholders, the EU aims to spark innovation while ensuring that the metaverse landscape remains equitable and resistant to monopolistic dominance by tech behemoths.

In addition to cultivating partnerships, the EU intends to introduce regulatory "sandboxes." These environments are designed to be safe havens where businesses can experiment with pioneering metaverse technologies and offerings, all while staying within the confines of EU regulatory guidelines. By offering such secure testing grounds, the EU hopes to spur the development of innovative and user-centric metaverse experiences.

Investing in education

Recognizing the transformative potential of the metaverse, the EU is also channeling investments into educational initiatives. By arming individuals with the necessary skills tailored for this new digital frontier, the EU believes that its citizens will be well-equipped to thrive in the burgeoning metaverse economy.

Additionally, the EU envisions leveraging the metaverse to enhance public services. Integrating metaverse platforms can streamline government processes, expand public engagement, and achieve cost efficiencies. From delving into the prospects of telemedicine to the possibilities of immersive learning environments, the European Union is keen to explore the myriad ways the metaverse can reshape and elevate public service delivery.

Existing directives' role

Although the European Union hasn't formalized specific regulations for the metaverse, it's evident that pre-existing directives related to privacy, market dynamics, and artificial intelligence are poised to be extended to this nascent domain. Margrethe Vestager, the Vice President of the European Commission, has highlighted that the metaverse will not escape the purview of regulations established in preceding years. Such an approach ensures the metaverse operates under frameworks safeguarding user rights while promoting competitive integrity.

This regulatory drive by the European Union underscores a broader strategy to counterbalance the overpowering influence of Big Tech. By applying its established directives to the metaverse, the EU aims to offer an equitable platform for all entities, regardless of their size.

With an eye on the future, the European Union is resolute in its ambition to be a prominent force in the evolving metaverse landscape. The EU's strategic blueprint encompasses the intention to mold the metaverse, ensuring it mirrors the EU's intrinsic values and curtails the unchecked dominance of Big Tech behemoths. The EU is paving a path for an open, safe, and inclusive metaverse with initiatives ranging from fostering partnerships to setting up regulatory testing grounds, bolstering skills training, and pioneering virtual public utilities.

Metaversal innovations

In the absence of a bespoke regulatory framework for the metaverse, the EU will likely adapt and extend its current regulations to encompass this digital frontier. With a clear emphasis on nurturing "metaversal" innovations, the EU is proactive in its efforts to guarantee equitable participation. By laying down these foundational pillars, the EU hopes to steer the metaverse towards a harmonious balance of user rights protection, economic vitality, pioneering advancements, and societal enhancement.