European Union lawmakers have made a resounding call to action, emphasizing the need for the bloc to take a leading role in shaping the metaverse. They recognize the importance of reducing technological dependencies on non-EU countries and supporting European businesses. This call to action was part of a comprehensive report by the European Parliament’s Committee on Internal Market and Consumer Protection, which explores the opportunities, risks, and policy implications of virtual worlds.
The metaverse is often described as an imagined future internet, consisting of interconnected virtual worlds that offer shared, interactive, and potentially immersive digital environments. As technology advances, the metaverse has the potential to revolutionize various aspects of society, including entertainment, commerce, education, and communication.
The report from the European Parliament’s Committee received overwhelming support, with 31 votes in favor and only two against. This demonstrates the urgency and significance of the matter at hand. The report highlights the current state of metaverse development, with a few dominant non-EU companies holding significant resources and financial capabilities.
The European Union’s ambition to lead in the metaverse stems from a desire to avoid being left behind in the next digital revolution. EU lawmakers recognize the importance of establishing a strong foundation based on robust digital regulations, guiding principles, and core values. Pablo Arias Echeverría, the rapporteur responsible for guiding this initiative through the parliament, stressed the need for Europe to shape its digital future and prioritize its citizens in this transition.
The report outlines the objective of fostering a level playing field to support European businesses. This involves creating an environment where European companies can compete on equal terms with their non-EU counterparts in the metaverse. To achieve this, the report calls for the establishment of a suitable policy framework and encourages cooperation and collaboration with other countries in developing metaverse standards.
The European Commission published its plans for the metaverse in July, providing a framework for the EU’s approach to this evolving digital landscape. While specific laws for governing virtual worlds were not proposed, the Commission acknowledged the need for new standards and global governance to oversee metaverse development. The Commission’s strategy defines virtual worlds as “persistent, immersive environments based on 3D and extended reality (XR) technologies.”
The European Parliament’s report builds on the Commission’s strategy, emphasizing the importance of EU leadership and the formulation of a comprehensive approach that aligns with the bloc’s values and priorities.
As the EU takes bold steps to assert its leadership in shaping the metaverse, it remains to be seen how this ambitious vision will translate into concrete actions and policies. However, one thing is clear: the European Union is determined to secure its position in the digital future, protect its businesses, and ensure the well-being of its citizens in an ever-evolving virtual world. The global tech landscape is undergoing a profound transformation, and the EU is making its intentions known—it aims to be at the forefront of this metamorphosis.
