The European Commission is turning its attention to the metaverse. This comes as a response to the growing digital economy and the need for the Commission to be able to react quickly to events, Reuters reported.
Competition Commissioner Margrethe Vestager was speaking at a conference earlier today where she noted that the Commission needs to be proactive in the metaverse. “We need to anticipate and plan for change, given the obvious fact that our enforcement and legislative process will always be slower than the markets themselves,” she said. ” For example, it is already time for us to start asking what healthy competition should look like in the Metaverse, or how something like ChatGPT may change the equation.”
This is a significant development as it shows that the Commission is taking the metaverse seriously as a space for competition. It is also a sign that the Commission is willing to adapt its competition policy to the digital age.
The metaverse is an online virtual world accessible via the internet. It is a virtual reality environment where people, both real-world and virtual, come together to interact and explore. The metaverse combines a 3D social experience with Web technology and is a vision of a world where individuals and institutions from different backgrounds, in different places and at different times coordinate and interact.