The European Commission has officially announced its intention to advance initiatives related to virtual worlds such as the Metaverse in the coming year.
This intention was published in a letter of intent. In recent years, numerous companies have been actively involved in Metaverse-related projects, ranging from virtual reality (VR) glasses to AI-generated 3D environments.
While the Metaverse industry is diverse, it is notable that the majority of these companies are located in either the United States or China. In terms of market value, the leading Metaverse firms are predominantly based in the United States.
Some examples include Meta (formerly Facebook), Google, Microsoft, and NVIDIA. The European Commission’s move indicates a commitment to developing and participating in the growing Metaverse space alongside these established players.
European Metaverse Letter of Intent!
The European Commission, the executive body of the European Union (EU), has released a letter of intent outlining the EU’s policy priorities for the upcoming year. In a significant development, EU President Ursula von der Leyen confirmed that the Commission will launch an initiative focused on virtual worlds, including the Metaverse, as part of its plans.
This move is crucial because, thus far, the development of the Metaverse has been largely influenced by American and Chinese companies. If the European Commission’s initiative succeeds, it has the potential to level the playing field and provide European Metaverse companies with a competitive opportunity.
This announcement follows the call from French President Emmanuel Macron to establish a European Metaverse. Macron believes that the EU should create its own Metaverse to compete with the United States and China.
He envisions an open Metaverse accessible to all EU citizens, regardless of nationality. Currently, the European Metaverse market is dominated by a few companies and small startups. While some European startups, such as Varjo in Finland and Ready Player Me in Estonia, have managed to secure funding, many others have struggled to attract investment and have had to shut down. The European Commission’s initiative aims to address this imbalance and foster the growth of the European Metaverse industry.
European Commission Can End Failed Initiatives!
The European Commission’s initiative is aimed at reversing the previous failures of European Metaverse startups. If successful, it could make it easier for these companies to secure the necessary financing and support to grow and compete effectively in the global Metaverse industry.
Margarethe Vestager, the EU’s digital director, is actively pursuing initiatives to implement significant technology regulations.
These regulations are designed to compel companies like Google and Facebook to break up their monopolies, thereby fostering increased competition within the tech sector. While these regulations are not yet finalized, the European Union is clearly committed to creating a more level playing field for European technology companies.
The EU’s sudden interest in the Metaverse raises questions about taxation and revenue sharing. If the European Commission achieves its objectives, it may be able to impose taxes on European Metaverse companies and claim a share of the income generated within the Metaverse.
Given the Metaverse’s potential to generate trillions of dollars in economic activity, it could indeed become a significant source of income for the EU.
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