The European Commission has unveiled a plan to lead the development of the metaverse, a shared virtual world accessible through the internet, and prevent Big Tech from dominating the market. Facebook, Microsoft, and Apple are among the companies working on metaverse products, raising concerns that they may gain an unfair advantage over smaller competitors.
The EU initiative aims to create an open and interoperable metaverse that reflects EU values and fundamental rights, and estimates the global market size will exceed €800bn by 2030. The plan includes bringing together creators, media companies, and others to create an industrial ecosystem, setting up regulatory sandboxes, and rolling out skills development programmes and virtual public services.
All Comments