EU legislators advocate for metaverse strategy that bolsters region businesses

The European Union is advancing a strategy to lead in developing virtual worlds, aiming to strengthen EU businesses and lessen reliance on non-EU technological resources.

European Union (EU) lawmakers are advocating for the EU to pioneer the development of virtual worlds, aiming to bolster EU businesses and reduce technological dependency on non-EU countries. This initiative, stemming from a vote by the European Parliament’s Committee on internal market and consumer protection, underlines a strategic shift towards embracing the metaverse as a significant component of Europe’s digital future.

EU Rapporteur Pablo Arias Echeverría’s statement encapsulates the urgency and ambition of this strategy. He underscores the necessity for Europe to not only participate in but lead the next digital revolution.

Echeverría’s emphasis on avoiding past errors and establishing a foundation based on EU digital rules, principles and values, places a clear focus on a Europe-centric digital evolution.

The report from the committee calls for a robust regulatory framework to support the development of virtual worlds. This move is partly in response to the observation that most companies involved in metaverse technologies are based outside the EU.

The report highlights a disparity in the digital playing field, where a few non-EU companies with substantial resources dominate the metaverse landscape. In response, it proposes fostering a more equitable environment for European businesses.

The committee’s adoption of this report aligns with the European Commission’s summer plans for the metaverse, which emphasized the need for new standards and global governance in supervising these burgeoning digital spaces.

The commission’s strategy identifies virtual worlds as “persistent, immersive environments based on 3D and extended reality (XR) technologies.” This definition underpins a forward-thinking approach, envisioning a digitally integrated and immersive European future.