Many countries around the world are in the process of integrating and adapting their regulatory frameworks and infrastructure to support activities that are already taking place in the meta-universe. The European Union bloc, which recently announced an initiative to make Europe “thrive in the meta-universe”, is also participating in this process.
European Commission President Ursula von der Leyen said that as part of the digital strategy, they will “continue to explore new digital opportunities and trends such as the meta-universe” to make “Europe fit for the digital age”.
The Commission intends to implement this initiative in 2023. The organisation will propose several structures to address existing challenges and create a dedicated institute to develop standards and improve interoperability between different meta-universes.
Thierry Breton, commissioner for the European Union’s internal market, said:
“Private metavalleys should be developed on the basis of interoperable standards and no private player should hold the key to the common area. We will not witness a new Wild West or new private monopolies.”
The Virtual and Augmented Reality Industry Coalition, an organisation that aims to bring together the key players in these technologies in the field and structure systems for the group technology providers on which the metaverse is based – including core software, middleware, other platforms and 5G – has already been established and is operating.
Also on connectivity, Breton explained that the institution will have to pinpoint infrastructure needs to ensure that the metaverse thrives. On this, he said:
“We will begin a comprehensive discussion and consultation on the vision and business case for the infrastructure required to deliver the volumes of data and instant and continuous interactions that will take place in the meta-universe.”
The European Union also recently unveiled a project to combat counterfeiting using blockchain and NFT technology.