Tue. Dec 6th, 2022

Before deciding how to regulate the futuristic digital world known as the “metaverse,” the EU’s antitrust chief said on Tuesday, authorities must better understand it.

The metaverse is a network of virtual environments that can be accessed through a variety of devices, including computers, smartphones, and tablets. Since Facebook (FB.O) changed its name to Meta in October to reflect its bet on the new sector, it has come into sharper focus.

As a result, people are worried about Facebook’s potential hegemony

“In other words, the metaverse is already here. As a result, we begin to consider what role a regulator will play and what role our legislature will play “An online event organised by a group of German newspaper publishers invited Margrethe Vestager to speak.

EU’s Vestager Says Analysing Metaverse

“Everything we do must be based on the best available facts and information… Before we can decide what course of action to take, we must first understand the issue at hand “Denmark’s EU Commissioner Vestager said this, according to a press release.

Facebook is already a target of Vestager’s investigation into how the social media giant collects and uses user data. The EU’s antitrust laws allow for fines of up to 10 percent of a company’s global revenue.

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, the company hasn’t said much.

By Adam

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