EU is studying the metaverse in preparation for eventual legislation

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Margrethe Vestager, the EU’s antitrust commissioner, said the EU is studying the metaverse in preparation for eventual legislation.

In the metaverse, what is the function of a regulator?
“The metaverse has already manifested itself.” We begin by considering what function a regulator will play, as well as what role our legislative will play, as a matter of course. “Margrethe Vestager spoke at an online event organized by a group of German newspaper publishers, according to a press release.

“Everything we do must be fact-based and based on the best information available at any given timeā€¦ We must first comprehend it before we can decide on the proper course of action to take “Vestager, who represents Denmark on the European Union’s executive Commission, made the statement.

Facebook is already in the crosshairs of European Data Protection Commissioner Margrethe Vestager because of its data collecting and usage. In the event that a company is found to have violated the EU’s antitrust regulations, they may face fines up to ten percent of its global revenue.

A large portion of Meta’s investment in virtual and augmented reality is based on the assumption that the metaverse will be the successor to the mobile internet. It hasn’t revealed many specifics regarding how businesses would monetize their presence in the virtual world.
However, Meta is not the first or only firm to be involved in the creation of this new digital universe.

Second Life, developed by the San Francisco-based corporation Linden labs, was one of the first commercially successful examples of the metaverse in the early aughts.

At its height in 2007, this specific virtual world had an estimated 800,000-900,000 active users, according to the most recent available data.

Video games such as Fortnite and Roblox, as well as virtual social environments such as Decentraland, are already regarded to be a component of the metaverse.

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Posted by Alex Vartmann
Web3 guru, and enjoys sugary liquorice.