The European Union is in the process of integrating and formulating new regulatory frameworks for metaverse activities. The EU has announced a union-wide metaverse initiative that will come live sometime in 2023.
The metaverse initiative is part of the letter of intent that envisions a “Europe fit for the digital age.” The letter states that the EU will “continue looking at new digital opportunities and trends, such as the metaverse.”
Thierry Breton, EU’s internal market commissioner, explained that the organization would put forward many structures to address issues in existing digital systems and develop infrastructure to enhance interoperability amongst metaverse worlds.
As metaverse is based on a system of multiple services, including software, 5G connectivity, cloud platforms, etc., the organization has launched the Virtual and Augmented Reality Industrial Coalition, an institution to bring all stakeholders together.
Breton said, “We will launch a comprehensive reflection and consultation on the vision and business model of the infrastructure that we need to carry the volumes of data and the instant and continuous interactions which will happen in the metaverses.”
This is not the first time European Union has implemented tech-related frameworks and initiatives. The union recently presented a counterfeiting project for NFTs using blockchain technologies.