EU legislators advocate for metaverse strategy that bolsters region businesses

The European Union is advancing a strategy to lead in developing virtual worlds, aiming to strengthen EU businesses and lessen reliance on non-EU technological resources.

European Union (EU) lawmakers are advocating for the EU to pioneer the development of virtual worlds, aiming to bolster EU businesses and reduce technological dependency on non-EU countries. This initiative, stemming from a vote by the European Parliament’s Committee on internal market and consumer protection, underlines a strategic shift towards embracing the metaverse as a significant component of Europe’s digital future.

EU Rapporteur Pablo Arias Echeverría’s statement encapsulates the urgency and ambition of this strategy. He underscores the necessity for Europe to not only participate in but lead the next digital revolution.

Echeverría’s emphasis on avoiding past errors and establishing a foundation based on EU digital rules, principles and values, places a clear focus on a Europe-centric digital evolution.

You might also like: Europe’s first Bitcoin ETF receives ESG label

The report from the committee calls for a robust regulatory framework to support the development of virtual worlds. This move is partly in response to the observation that most companies involved in metaverse technologies are based outside the EU.

The report highlights a disparity in the digital playing field, where a few non-EU companies with substantial resources dominate the metaverse landscape. In response, it proposes fostering a more equitable environment for European businesses.

The committee’s adoption of this report aligns with the European Commission’s summer plans for the metaverse, which emphasized the need for new standards and global governance in supervising these burgeoning digital spaces.

The commission’s strategy identifies virtual worlds as “persistent, immersive environments based on 3D and extended reality (XR) technologies.” This definition underpins a forward-thinking approach, envisioning a digitally integrated and immersive European future.

Read more: EU data act adopts smart contract kill switch regulations
Follow Us on Google News

Comments

Post a Comment

Popular posts from this blog

Analyst: ETH Not Ready for Bull Run till Huge Correction

Image
Benjamin Cowen, a cryptocurrency strategist, is bearish on Ethereum (ETH) because the second-largest digital asset has failed to climb back above a key resistance level. In a new video, Cowen tells his 785,000 YouTube subscribers that the price of Ethereum is likely to go down because there is a lot of “anxiety” around the $1,800 mark. Cowen says that there isn’t as much “apathy” in the market as there was during the bear season of 2019/2020. “There’s so much anxiety in this level [$1,800 resistance level] like I think it’s much more likely to break down eventually… I will be the first to admit it’s taking longer than I thought it would. But I also don’t really feel that same type of apathy in the market now that I did back in 2019 and 2020.” At the time of writing, one Ethereum is worth $1,736. Cowen says that less people would care about Ethereum if the price of the second most valuable cryptocurrency fell to triple digi...
Read more

Crypto Analyst Says Selling XRP Now Is Unwise, the Bulls Are Set

Image
Ben Armstrong argued that selling XRP is unwise due to perceived underperformance. He dismissed comparing XRP to Solana (SOL) and Avalanche (AVAX). Armstrong claimed XRP’s uptrend would commence in January, urging investors to pack their bags. In a recent YouTube video, crypto analyst Ben Armstrong argued that selling XRP is unwise due to perceived underperformance. While acknowledging XRP’s historical lackluster trend, he first addressed concerns related to XRP’s failure to sustain its bullish momentum following the victory from the legal dispute. Armstrong argued that broader market conditions suppressed further gains. Furthermore, he countered critical views about XRP’s failure to engineer a bullish trajectory like other rivals such as Solana (SOL) and Avalanche (AVAX), which have seen more than 100% gains.   He dismissed such comparisons and drew parallels to Ethereum’s delayed ascent in previous cycles. Moreover, he caution...
Read more

BitBoy dismissed from FTX case as three celebrities settle

The legal fallout from the collapse of crypto exchange FTX continues, with some high-profile names opting to settle while others are dismissed entirely. Crypto influencer Ben “BitBoy” Armstrong is no longer facing a lawsuit related to his promotion of FTX. Lawyers recently filed notice that they are voluntarily dismissing claims against him. Armstrong had not yet responded to the allegations in court. Meanwhile, Jacksonville Jaguars quarterback Trevor Lawrence, YouTuber Kevin Paffrath, and influencer Tom Nash have agreed to confidential settle ments to resolve claims against them. A judge still needs to approve the deals to officially remove them from the ongoing litigation. According to recent reports, lawyers leading the case say they are in discussions about potential settle ments with other celebrities who promoted FTX, including athletes and social media stars. More deals are likely to come. The lawsuit aims to claw back money paid to celebrity endorsers and spo...
Read more