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EU\'s Margrethe Vestager Says Analysing Metaverse Ahead of Possible Regulatory Action

EU\'s Margrethe Vestager Says Analysing Metaverse Ahead of Possible Regulatory Action

European Union officials must first have a greater understanding of it, according to the bloc's antitrust director before deciding how to manage the futuristic digital realm known as the 'metaverse'. The metaverse is a network of virtual worlds that people may access via various devices to work, socialize, and play in. Since Facebook changed its name to Meta last October to reflect its stake on the new industry, it has come into clearer focus.

As a result of this move, there have been concerns about Facebook's potential domination. "... The metaverse has already arrived. So, of course, we begin to consider what a regulator's job will be, as well as the role of our legislative "Margrethe Vestager spoke during a web conference hosted by a group of German newspaper publishers.

"Everything we do must be based on facts and the best information available... We must first comprehend it before deciding on the best course of action "Denmark's representative on the EU's executive Commission, Vestager, said. Vestager has previously targeted Facebook for its data gathering and usage. If found guilty of breaking the bloc's antitrust regulations, companies might face fines of up to 10% of their global revenue.

Meta, which believes the metaverse will succeed the mobile Internet, has made significant investments in virtual and augmented reality. It hasn't said anything about how brands would profit in the metaverse.

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