EU warns of big players becoming metaverse gatekeepers

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    As the virtual world continues to grow and expand, there is a risk that some powerful companies will be able to control access to this new realm. This could have serious implications for competition and innovation, and the EU is trying to prevent the emergence of such gatekeepers.

    According to the European Commission, large players in the metaverse space may dominate the metaverse, preventing local companies from gaining a strong position in the market.Committee warned On Wednesday, in consultations on new policies for virtual worlds.

    EU administrations are expected to submit proposals in the coming months, but the bill may not be included. The EU also wants his feedback by May 3rd.

    According to the paper, as virtual worlds continue to grow in popularity, there is concern that only a few large companies will dominate the market. This could exclude small EU start-ups and SMEs from the new virtual reality world. The draft suggests that these concerns reflect concerns previously raised by antitrust authorities about potential monopolies by tech giants such as Meta.

    This whitepaper outlines key policy challenges in the immersive Web 4.0 world and explores how smart devices are connecting physical and virtual landscapes. The guide lists key takeaways on data privacy, equality, cybersecurity, openness, and small business financing.

    With the EU’s recent passage of the Digital Markets Act, internet companies such as Google, Amazon and Meta will be subject to greater scrutiny to prevent potential anti-competitive behavior. Nonetheless, there are growing concerns that such trends may emerge in the future incarnation of the digital economy.

    The commission previously passed a bill authorizing additional data controls that could require smart contacts to have a kill switch to stop activity.The bill is not specifically aimed at the cryptocurrency industry but rather its focus is on IoT devices.

    Also Read: EU Set to Receive Blockchain Regulatory Sandbox Applications

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