The European Commission has outlined its plans for the metaverse, a technology that could be worth 800 billion euros ($880 billion) globally by 2030. The commission is not proposing any new laws, but is eager to make the most of the technology’s economic and ethical salience. “Today, Europe throws its hat in the ring to become a world leader in Web 4.0 and virtual worlds,” said Thierry Breton, the European Commissioner for the bloc’s internal market. “Europe has what it takes to lead the next technological transition.”
The commission plans to fund the project through its science funding program, Horizon Europe, with an amount of 200 million euros, as well as potential investment via EU regional funds. EU lawmaker Axel Voss believes the metaverse raises a host of legal issues, such as giving avatars their own legal status, protecting copyright and patents, and dealing with virtual crime. He also believes existing laws such as the General Data Protection Regulation will need to change for the metaverse.
“Old-fashioned people also laughed about the internet, and all of a sudden you have a totally different world,” Voss said. “If we are not acting now, if we are not acting together, and if we are not acting on priorities, I can’t see that we will catch up.”