EU Begins Regulatory Review of Virtual World Market

03/02/2023 09:53 • Metaverse & Beyond • 91 views

According to the report, the EU antitrust director Margrethe Vestager said that the virtual world accessible through the Internet was the next digital market to attract regulatory review. Vestager said at a meeting that it is time for us to start thinking about what healthy competition looks like in the metauniverse, and we have started this work. In the past three years, the global regulatory review of the digital market has been upgrading. Reuters

EU antitrust director: It is necessary to review the competition in the metauniverse

Analysis based on this information:

The European Union’s antitrust director Margrethe Vestager has announced that the virtual world, accessible through the internet, is the next digital market to be subjected to regulatory review. Speaking at a meeting, Vestager stated that it’s high time for regulators to determine what constitutes healthy competition in such an environment, and they have already initiated this process. Over the past three years, global regulatory authorities have been revising their scrutiny of digital markets to ensure fair competition.

The move to review the virtual world market is not surprising, given its exponential growth in recent years. This market boasts a significant number of active users, particularly during the pandemic, when people were confined to their homes. The sector has become increasingly lucrative, with the industry raking in billions of dollars. The proliferation of new technologies such as virtual reality, augmented reality, and artificial intelligence is further driving growth in this sector. Companies such as Facebook, Microsoft, and Meta (formerly known as Facebook) are investing millions of dollars in developing the next-generation virtual world. Given the potential high earnings, fair competition and regulation has never been more necessary.

The EU’s move to review this sector could have a significant impact on the companies operating within it. Regulators could impose restrictions on the companies operating within the virtual world, such as mandating user data privacy policies, price controls, and user-centric guidelines. Companies found to be running afoul of these policies could face hefty fines.

In conclusion, the EU’s decision to begin regulatory review of the virtual world market represents a step towards ensuring fair competition and user protection. With the sector representing a significant investment opportunity for companies, regulation will be critical in maintaining a level playing field, thereby fostering innovation and competition.

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EU Begins Regulatory Review of Virtual World Market

EU antitrust director: It is necessary to review the competition in the metauniverse

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