EU Commissioner Yvo Volman has emphasized the need for regulations that prevent discrimination and protect user privacy in the upcoming metaverse legislation that is set to be implemented in May 2023. Speaking at the DG Connect event in Brussels, Volman highlighted the importance of inclusion, equality, and user privacy protection in virtual spaces.
The metaverse initiative was announced by EU president Ursula von der Leyen in her 2022 State of the Union address, and Margarethe Vestager, the European Commissioner for Competition, was appointed to lead the initiative. Vestager has previously noted that the regulation must address firms that dominate the segment.
The metaverse will present new markets and a range of different businesses. There will be a marketplace where someone may have a dominant position.
Margarethe Vestager said in an interview.
The Digital Markets Act, which outlines the responsibilities of corporate “gatekeepers” dominating certain markets, will come into full effect by the end of the year, with enforcement as a key focus, according to Vestager.
Antitrust considerations are set to play a significant role in the regulations surrounding Web 3. The Federal Trade Commission (FTC) attempted to block Meta’s acquisition of Within Unlimited, a company specializing in virtual reality, on antitrust grounds last year, alleging that Meta was trying to buy its way to the top. Meta ultimately won the litigation, but the case highlighted the role of mergers and acquisitions in the metaverse industry.
The FTC also attempted to halt Microsoft’s $69 billion acquisition of gaming giant Activision Blizzard in a bid to prevent Microsoft from eliminating competition to its Xbox ecosystem. Microsoft regarded the acquisition as crucial to constructing its business-focused metaverse. To address regulatory concerns, Microsoft announced that it would partner with Nvidia to make Activision’s games available on Nvidia’s GeForce Now platform, which competes directly with Xbox Cloud.
The metaverse is a virtual universe that allows users to interact with each other in a 3D environment. The technology has the potential to revolutionize industries such as healthcare, education, and entertainment. However, there are concerns about the impact of the metaverse on user privacy and data protection. Regulations must be put in place to ensure that users’ privacy is protected, and that they are not discriminated against in virtual spaces.
The upcoming metaverse legislation must strike a balance between promoting innovation and protecting users’ rights. With the growing importance of the metaverse, it is crucial that regulators get it right to ensure that the technology is used for the benefit of all users.