Metaverse Report from the European Parliament! The Union Should Lead These Projects!

The European Parliament’s Committee on the Internal Market and Consumer Protection has called for the European Union to take the lead in shaping Metaverse projects to reduce technological dependence on other countries and support EU businesses.

European Parliament Wants the Union to Lead Metaverse Projects

The committee’s report, adopted today with 31 votes in favor and two against, underlines that the EU must play a leading role in shaping virtual worlds according to EU values.

The Metaverse is a collection of virtual worlds that form an imaginary future internet, a shared, interactive, and potentially immersive digital environment.

The report notes that Metaverse projects have so far been developed by a few companies based outside the EU with the necessary resources and financial means, and calls for the EU to take a leading role instead.

The committee’s work follows plans for the metaverse that the European Commission published in July.

The EU executive has not proposed any legislation to cover virtual worlds but has said policing the Metaverse requires new standards and global governance.

The Commission’s Web4 and metaverse strategy defines virtual worlds as persistent, immersive environments based on 3D and extended reality (XR) technologies.

*This is not investment advice.