The European Commission on Tuesday unrolled a blueprint for the metaverse, ratifying leaked intentions previously spotlighted by CoinDesk. The commission remains non-committal on promulgating fresh statutes and offers scant clarity on funding for what’s perceived as the next evolutionary step of the internet, though politicians are rife with anticipation for the Union to capitalize on the economic and ethical implications of this novel technology.
In a statement, Thierry Breton, the European Commissioner for the bloc’s internal market, pronounced an ambitious vision, stating “Europe has what it takes to lead the next technological transition.” The Union’s executive arm puts forward an economic forecast – global virtual worlds, likely backed by blockchain and cryptocurrency, could be worth 800 billion euros ($880 billion) by 2030 and reveals intentions for funding to sustain Europe’s competitive edge, without specifying the figures.
This enigmatic affair sparked heightened political interest, and in March, European Union heads of 27 member states placed “Web 4.0” on a priority list, alongside quantum computing, artificial intelligence (AI), and 6G internet networks.
However, EU legislator Axel Voss voices some concerns regarding this transition, spotlighting the metaverse’s potential legal implications such as avatars deserving their legal status, protection of copyright and patents, and managing virtual crime. While Voss is gently critical of the commission’s approach, he ironically favors a more aggressive approach, suggesting an overhaul of existing laws, including the General Data Protection Regulation (GDPR).
He asserted that “the GDPR is totally not in line with new technologies,” citing AI, blockchain, and cloud computing as examples and stressed the need for modernization or updating of this significant privacy rule. He cites Union’s previous lack in taking decisive action against illicit content on social media and its lack of dominance in the Web 2.0 industry as precedents it shouldn’t repeat in the metaverse era.
Voss expressed his concerns saying “Old-fashioned people also laughed about the internet, and all of a sudden you have a totally different world,” warning about the potential downfall of not acting proactively and collaboratively. With the rapid evolution of technology and increasing acceptance of the metaverse, regulatory bodies globally are forced to rethink strategies to ensure they don’t fall behind in this virtual race.
Source: Coindesk
