The European Union is set to step up its regulatory scrutiny of big tech companies, with antitrust chief Margrethe Vestager warning that the bloc must be vigilant about the dominance of US-based firms in the development of the “metaverse”.
The “metaverse” is a term used to describe a shared, virtual space that is built on top of the internet, and which users can access using avatars. It is seen as the next evolution of the internet, and some believe it has the potential to be as transformational as the World Wide Web.
The EU official, during a conference organized by Keystone Strategy, also pointed to the rise of generative artificial intelligence and language AI models as bright spots in the market, highlighting the need for healthy competition in the metaverse.
The metaverse is an emerging virtual space, built on top of the Internet and accessible by users through avatars. It is an evolution of the web, where users can interact with one another, communicate, create and transact.
Margrethe Vestager, who is the European Union’s Competition Commissioner, recently warned of the dangers of the dominance of US tech companies in the development of the metaverse.
Vestager said that the EU must look at how it can prevent the “few big tech companies” from gaining too much control of the metaverse. She also said that the EU must ensure that the big tech companies “operate in a fair and transparent way” and that they “respect the data protection rules that apply in the EU”.