Tue. Dec 6th, 2022

The antitrust chief of the European Union said on Tuesday that before deciding how to regulate the “metaverse,” officials in the bloc must gain a better understanding of the futuristic digital world.

In the metaverse, a network of virtual worlds can be accessed by various devices, allowing users to work, socialise, and have fun all at the same time. Since Facebook changed its name to Meta in October to reflect its bet on the new sector, it has come into sharper focus.

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In the metaverse, regulators play a crucial role.

“There is already a metaverse. Our legislature’s role, the role of a regulator, and the role of our judiciary are all examined in this context “She spoke at an online event put on by a group of German newspaper publishers, Margrethe Vestager. Meta warns that Facebook could be shut down in Europe, but EU leaders say life would be’very good’ without it.

“Everything we do must be based on the best available facts and information… Before we can decide on the best course of action, we must first understand it “says Margrethe Vestager, the Danish representative on the EU’s executive Commission.

Facebook is already a target of Vestager’s investigation into how the social media giant collects and uses user data. If a company is found guilty of violating the EU’s antitrust rules, it could face fines of up to 10% of its global turnover.

Virtual and augmented reality have been heavily invested in by Meta, which believes the metaverse will replace the mobile internet. In terms of how brands will make money in the metaverse, it hasn’t revealed much just yet, however.

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A variety of metaverses are involved.

  • There are many other companies working on this new digital world, and Meta isn’t the only one.
  • Second Life, a virtual world developed by Linden Labs in San Francisco, was one of the earliest examples of the metaverse.
  • An estimated 800,000-900,000 people were using this virtual world at its peak in 2007.
  • Virtual social worlds like Decentraland and Fortnite, as well as video games like Roblox, are already part of the metaverse.

By Adam

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