The European Commission has decided to include the metaverse in its digital strategy, seeking to nurture virtual worlds.
In her address to the European Parliament, Ursula von der Leyen pointed out the significance of the metaverse as she articulated her vision for the EU's digital direction. In that context, the letter of intent von der Leyen unveiled fresh initiatives slated for 2023 that focus on a 'digital era' initiative emphasizing virtual spaces and the metaverse.
We are committed to exploring emerging digital opportunities like the metaverse. This will also involve progressing on investment and reform efforts through NextGenerationEU, with €700 billion left to invest in the upcoming years.
von der Leyen said.
In a LinkedIn post Thierry Breton, the European Commissioner for the internal market, laid out three essential components for promoting virtual spaces.
- People: The virtual world's ambiance should resonate with European ideals. It’s imperative that individuals feel secure in the metaverse, akin to their experiences in real life. By leveraging the Digital Services Act and the Digital Markets Act, Europe will possess the necessary instruments to regulate the virtual landscape.
- Technologies: A fundamental aspect of cultivating a metaverse will be Europe's capability to leverage cutting-edge technologies and develop a sustainable framework within this virtual realm. Europe is in a favorable position with its robust research and innovation in software and platforms.
- Infrastructure: The dynamic nature of the metaverse requires a robust connective infrastructure to establish new systems, especially considering the substantial data flow and storage demands of these technologies.
Breton introduced the 'Virtual and Augmented Reality Industrial Coalition,' which brings together key stakeholders from core metaverse technologies. This coalition includes a collaborative roadmap welcomed by more than 40 EU organizations, encompassing various sizes and academic institutions.
The EU is also investing in research and innovative technologies that support metaverse initiatives across several sectors, including photonics, semiconductors, and new materials.
The digital transformation is redefining our economy and society at large. The European Union must not lag as technology reshapes our understanding of work, education, and social connections. It’s crucial for the EU to begin strategizing for the future, which entails drafting policies and regulations that foster innovation in technologies like augmented reality, virtual reality, and artificial intelligence while remaining competitive on the global tech development stage.
Countries like South Korea and the United Arab Emirates are already taking steps toward national metaverse advancement. The UAE has allocated $177 million to bolster businesses and job creation within the metaverse. South Korean government Dubai in the UAE has rolled out a metaverse strategy that is projected to contribute an impressive $4 billion to the national economy within a span of five years. Likewise, Shanghai has plans to cultivate a $52 billion metaverse sector by 2025. Wedripz and Trust Me Vodka have teamed up to unveil NFT art integrated onto premium vodka bottles. At the European Blockchain Convention, the motto was: 'In bear markets, we build.'
Read related posts:
Disclaimer
In line with the Trust Project guidelines Blum marks its one-year anniversary by winning awards for the 'Best GameFi App' and 'Best Trading App' during the Blockchain Forum 2025.
