The European Commission predicts that "extended reality" technology, which allows people to interact with virtual worlds, will create up to 860,000 jobs in Europe by 2025. The Commission believes that extended reality, which includes virtual reality, augmented reality, and mixed reality, is a major technology enabler for virtual worlds.
However, the Commission notes that most innovation around the Metaverse currently occurs in the United States, China, and South Korea, and that there are no tech giants in the EU to lead investment in the development of virtual worlds.
The Commission proposes a plan to become a world leader in Web 4.0 and the Metaverse, including attracting specialized virtual world talent, creating regulatory sandboxes, and developing global standards for interoperable metaverses.
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