EU stays on top of Web3 with metaverse, AI and crypto strategies
The European Union has been vocal about its place in the rapidly expanding ecosystem of emerging technologies.
It has been a leader in establishing clear crypto regulations with its long-awaited Markets in Crypto-Assets (MiCA) framework signed into law in late May. The EU has also been pushing forward on creating regulations for the development and deployment of artificial intelligence (AI) systems.
Most recently, on July 11, the European Commission released its latest plan to take the lead in metaverse development and prevent Big Tech from becoming too dominant in an economically viable sector.
A European vision of the metaverse
The latest EU proposal estimated that the global market size for metaverse developments will exceed 800 billion euro by 2030, compared with its end-of-year value of 27 billion in 2022. McKinsey’s latest report on the state of the metaverse even has an estimated value of $5 trillion in the same timeframe.
According to the commission’s initiative, it wants to get ahead on metaverse development to reflect EU values and fundamental rights, along with a push for openness and interoperability.
Margrethe Vestager, the vice president of the European Commission, said the EU needs to have “people at the center” in order to shape it according to its principles.
“We want to make sure Web 4.0 becomes an open, secure, trustworthy, fair and inclusive digital environment for all.”
The commission held European Citizens’ Panels in February and April of 2023, which focused on the metaverse. It aimed to formulate suggestions for a “vision, principles, and actions” that ensure EU-based virtual worlds are fair.
According to the commission, 140 EU citizens were randomly selected for participation, which resulted in 23 recommendations that guided the strategy.
Integrating digital and real worlds is no longer science fiction.
Early this year, 140 European citizens put forward 23 recommendations to guide the development of human-centric, secure and trusted virtual worlds.
See how they helped shape our new strategy on virtual worlds ↓
— European Commission (@EU_Commission) July 11, 2023
The current pillars that the EU has decided on for its metaverse strategy include empowerment and reinforcing skills to create a pool of specialists in the field of virtual worlds, supporting an EU Web4 on a business level, supporting societal progress and virtual public services, and shaping standards for open and interoperable virtual worlds.
But wait, what is Web4?
The European Commission’s tweet about its pillars for virtual worlds and Web4 strategy garnered a mixed response from users, with many asking what Web4 means, and other’s joking about developing Web5 and Web6 already.
According to the strategy, Web4 is distinguished from Web3 by integration with the real world. The commission’s statement recognizes that Web3 is still “currently developing,” with its main features being openness, decentralization and user empowerment.
“The next generation, Web 4.0, will allow an integration between digital and real objects and environments, and enhanced interactions between humans and machines.”
For the EU, Web4 could look like the introduction of smart cities with the right underlying infrastructure in place.
It is already investing in initiatives such as Destination Earth (DestinE) and Local Digital Twins for smart communities, as well as the European Digital Twin of the Ocean, which is said to allow researchers to advance science for the development of precision applications and help public authorities to make informed public-policy decisions on related issues.
Related: Animoca still bullish on blockchain games, awaits license for metaverse fund
The commission also included “advanced artificial and ambient intelligence, the internet of things, trusted blockchain transactions, virtual worlds and XR capabilities, digital and real objects and environments” as full integrations in Web4 that will set it apart from Web3.
It claims this will enable a “truly intuitive, immersive experience, seamlessly blending the physical and digital worlds.”
On July 5, the European Blockchain Sandbox, which is part of its smart cities initiative, unveiled its first 20 use cases.
EU regulations in place
At the moment, Vestager said there are no current metaverse regulations drafted. However, she expects various other rules already in place to affect it, such as privacy, market power and forthcoming AI regulations.
As previously mentioned, the EU has recently signed its groundbreaking MiCA regulations into law, which became one of the world’s first comprehensive sets of rules to regulate the crypto industry.
On July 12, the European Securities and Markets Authority announced that it plans to release three consultative papers on its MiCA standards for crypto asset service providers while it fulfills its mandate under MiCA regulations.
There are already questions regarding the regulations’ policies on stablecoins and the exclusion of decentralized finance in the published regulations.
In addition to its recently published crypto legislation, the EU has been working on regulations that will affect the AI industry. On June 14, the European Parliament passed the EU AI Act, which would force tools like ChatGPT to disclose all AI-generated content and other measures against illegal content.
The race against big tech
All of these initiatives with virtual worlds and regulations for emerging technologies come as Big Tech companies like Meta Platforms, Microsoft, Apple and Google work on their own versions of the metaverse and AI tools.
The EU clearly stated in its metaverse strategy that virtual worlds will not be “dominated by a few big players” and should be “driven by open technologies.”
Meta, the parent company of Facebook, was openly committed to developing its own metaverse world accessible through its virtual reality headsets. However, by the end of 2022, the company lost billions due to its metaverse division.
In 2022, Microsoft announced a $69 billion acquisition of Activision Blizzard, one of the gaming industry’s key players.
Most recently, Apple dropped its latest version of its virtual reality goggles, the Vision Pro. However, instead of positioning them for use in the metaverse, it chose to use the wording “spatial computing.”
Magazine: Experts want to give AI human ‘souls’ so they don’t kill us all
Politics
BBC and Glastonbury have got questions to answer over ‘appalling’ chants at festival, says Wes Streeting
A cabinet minister has criticised chants at Glastonbury calling for “death to the IDF” – but has also told the Israeli embassy to “get your own house in order”.
Health Secretary Wes Streeting condemned the chants against the Israel Defence Forces – calling them “appalling” – but notably also criticised the embassy over the conduct of some Israeli citizens in the occupied West Bank.
Glastonbury Festival has said it is “appalled” by the statements made by Bobby Vylan, of punk duo Bob Vylan, during their set on Saturday – saying they “crossed a line”.
Politics latest: Welfare changes have ‘put us in a much better position’, says minister
Speaking to Sunday Morning With Trevor Phillips, Mr Streeting said he believed the BBC and Glastonbury had “questions to answer” over what he called a “shameless publicity stunt” during the set of Bob Vylan.
“I thought it was appalling, to be honest and I think the BBC and Glastonbury have got questions to answer about how we saw such a spectacle on our screens,” he said.
“But I also think it’s a pretty shameless publicity stunt, which I don’t really want to give too much indulgence to for that reason.”
He said the focus should instead be on “Israeli settler terrorists” attacking a Christian village just weeks after setting it on fire.
He added: “I’d also say to the Israeli embassy, get your own house in order, in terms of the conduct of your own citizens and the settlers in the West Bank.
“So, you know, I think there’s a serious point there by the Israeli embassy, I take seriously. I wish they’d take the violence of their own citizens towards Palestinians more seriously.
“We all condemned and continue to condemn what happened on 7 October. We all want to see the return of the hostages. And there’s no justification for inciting violence against Israelis.
“But you know, the way in which Israel’s conducting this war has made it extremely difficult for Israel’s allies around the world to stand by and justify. In fact, we’ve got to do the opposite as an international community, which is to challenge and urge a change.”
Please use Chrome browser for a more accessible video player
What’s the Glastonbury controversy?
The Israeli embassy said it was “deeply disturbed” by the anti-IDF chants, which are being investigated by the police.
Video shows one of the members of Bob Vylan shouting the slogan into the mic and some of the crowd joining in.
The duo were performing ahead of a performance by Kneecap, the Irish act the prime minister believed should have been banned from the world-famous festival.
“The Embassy of Israel in the United Kingdom is deeply disturbed by the inflammatory and hateful rhetoric expressed on stage at the Glastonbury Festival,” a statement said.
It said slogans like Saturday’s chant “advocate for the dismantling of the State of Israel”.
Please use Chrome browser for a more accessible video player
Police reviewing comments made by two acts at Glastonbury
The Conservatives also criticised the incident, with Helen Whately, the shadow work and pensions secretary, saying she was “shocked” by the footage.
“I was shocked to see some of the footage of that chanting of the crowd,” she told Sunday Morning With Trevor Phillips.
“And the music artist was ramping it up.
“I mean to me, also, one of the horrible things about it is, obviously it’s over a year and a half ago that innocent, festivalgoers at a festival in Israel were raped and murdered by Hamas – and then we have a music festival here in the UK where you have a chant saying death to the Israeli Armed Forces who are, you know, taking action to protect people from what Hamas did in Israel.
“I just think it’s disgusting.”
She added: “Yes, I believe in free speech, but that was incitement to violence. It was incitement to kill. That is not something that we support in this country.”
Read more from Sky News:
Welfare has been Starmer’s most damaging U-turn yet
What are the concessions to the welfare bill – and will MPs back it?
An Instagram post published by the festival on Sunday morning read: “As a festival, we stand against all forms of war and terrorism. We will always believe in – and actively campaign for – hope, unity, peace and love.
“With almost 4,000 performances at Glastonbury 2025, there will inevitably be artists and speakers appearing on our stages whose views we do not share, and a performer’s presence here should never be seen as a tacit endorsement of their opinions and beliefs.
“However, we are appalled by the statements made from the West Holts stage by Bob Vylan yesterday.
“Their chants very much crossed a line and we are urgently reminding everyone involved in the production of the Festival that there is no place at Glastonbury for antisemitism, hate speech or incitement to violence.”
Kenya’s crypto startups fear a Binance-linked lobby group could tilt new regulations in the exchange’s favor under the proposed VASP bill.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Sports2 years agoButton battles heat exhaustion in NASCAR debut
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike