Although it’s still a nascent space that has a long way to go before reaching global adoption, the metaverse is gradually becoming more popular and the EU is making sure the yet-to-be-perfected space is fair for everyone.
In a speech early this month, Margrethe Vestager, the European Union’s competition and digital affairs commissioner wishes to promote fair competition in the metaverse.
Vestager said that the digital shift “should be the shift with the most opportunities created. And yet, we have seen over the years that dominance, entrenched positions and abuses have rather been the norm.”
She spoke about her disappointment with digital markets. Adding that they “have not fulfilled their promise for small businesses to achieve scale and greater reach with fewer physical barriers to get in their way.”
Preparing for a digital future
The digital affairs commissioner said that “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.” Urging regulators to “anticipate and plan for change, given the obvious fact that our enforcement and legislative process will always be slower than the markets themselves.”
Other than taking steps to prevent companies like Meta hindering the efforts of small competitors, the EU has also raised concerns about the need to protect individuals against discrimination and safety within the metaverse.
In early January, the EU fined Meta $414 million over the use of user’s data for personalised ads on Facebook and Instagram, giving the WhatsApp parent company a three-month ultimatum to realign its services and bring them in line with EU law.
In conclusion to her speech, Vestager said that “however digital we become; however much we advance on our green objectives, one thing will always be true – preserving fair competition will be our fundamental driver.”
Isa Muhammad is a writer and video game journalist covering many aspects of entertainment media including the film industry. He's steadily writing his way to the sharp end of journalism and enjoys staying informed. If he's not reading, playing video games or catching up on his favourite TV series, then he's probably writing about them.
