The European Union lawmakers are pushing for the EU to take the lead in the development of virtual worlds to support businesses within the bloc. The European Parliament’s Committee on Internal Market and Consumer Protection recently voted in favor of a report that advocates for the development of a metaverse strategy aimed at reducing the EU’s tech dependency on countries outside of the bloc.
According to EU Rapporteur Pablo Arias Echeverría, it is crucial for Europe to not fall behind in the next digital revolution, nor repeat past mistakes. He emphasized the importance of laying a foundation for the development of virtual worlds in web4, rooted in strong EU digital rules and guiding principles, with a focus on placing citizens at the heart of the EU’s digital future.
The report also called for a clear regulatory framework to support the development of virtual worlds, noting that most companies involved in metaverse technologies are located outside of the EU. It stressed the need for a level playing field to bolster European businesses, particularly as many metaverse projects have been developed by a few companies based outside of the EU with the necessary resources and financial capabilities.
The Committee’s adoption of the report aligns with the European Commission’s plans for the metaverse outlined in the summer, which emphasized the need for new standards and global governance to supervise the metaverse. The European Commission’s web4 and metaverse strategy defines virtual worlds as “persistent, immersive environments based on 3D and extended reality (XR) technologies.”
This push for EU leadership in metaverse development comes amidst increasing global competition in the virtual world space and highlights the EU’s ambition to be at the forefront of the digital revolution. The aim is to create a regulatory framework that supports and promotes innovation in virtual worlds while ensuring that EU businesses remain competitive in this rapidly evolving sector.