Metaverse requires regulatory scrutiny, EU competition chief says, and other metaverse stories you need to read this week – The European Sting – Critical News & Insights on European Politics, Economy, Foreign Affairs, Business & Technology

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    This article was published by The European Sting and world economic forum.

    author: Cathy Li, responsible for shaping the future of media, entertainment and sports. ExCom, member of the World Economic Forum

    • This regular roundup will bring you the latest news and updates on the development of the Metaverse.
    • Top Metaverse Stories of the Month: EU Says Metaverse Needs Conflict Checks. PwC believes the Metaverse will redefine the business landscape. Meta lowers headset prices to boost demand.

    1. Metaverse needs competition checks, says EU antitrust chief

    Metaverse needs regulatory scrutiny to ensure unfair competition is not left uncheckedEU Antitrust Director Margrethe Vestager says it’s “time to start thinking about what healthy competition looks like” in the virtual space.

    Since then, the metaverse has received more explicit attention. Facebook changes company name to Meta Platform In 2021, it reflects a bet that the new sector will become the successor to mobile internet. The move has raised concerns about Meta’s possible domination of the region.

    Over the past three years, regulatory scrutiny of digital markets has escalated around the world, with Vestager adding, “There is a broader political argument that digital markets require close attention.” increase.

    According to Bloomberg, EU officials have already launched investigations into how AI tools such as ChatGPT are being used. Changing the game when it comes to regulation of the digital space.

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    How does the World Economic Forum contribute to the Metaverse?

    The World Economic Forum is exploring the potential of the Metaverse in several ways. The main focus is governance and value creation, as well as developing your own metaverse. Global Collaboration Village.

    our Define and build a metaverse initiative It aims to guide the development of a secure, interoperable and economically viable Metaverse by bringing together stakeholders from various sectors including government, academia, business and civil society.

    This is done via two interrelated tracks: Metaverse Governance and Value Creation. Both tracks take an ethical and forward-thinking approach, working together to balance governance with economic and social opportunity.

    explore us Defining and building the metaverse Initiative.

    Global Collaboration Village is the world’s first purpose-driven metaverse platform. Pioneered by the Forum and partnering with Microsoft and Accenture, it aims to strengthen more sustainable public-private partnerships and inspire action to drive large-scale impact.

    Inclusive and responsible design, the Global Collaboration Village is a creative place to imagine alternative futures, explore ideas and systems transparently and safely, and imagine what the future of multi-stakeholder collaboration might look like.

    learn more about Global Collaboration Village

    “We need to anticipate and plan for change, because it is clear that our law enforcement and legislative processes will always lag behind market developments,” Vestager said at a conference in Brussels. Told. “We should allow ourselves to be bold at times to see if we can stand the challenge.”

    Microsoft is reportedly seeking EU antitrust clearance for its $69 billion acquisition of video game developer Activision., after offering a license agreement to a rival. Microsoft is trying to take on Tencent and Sony in the gaming market. This is expected to be the main attraction of the Metaverse.

    2. What businesses should know about the metaverse in 2023, according to PwC

    The metaverse isn’t “fully ready” yet, but it can already create real business value.This is a summary from a professional services company PwC’s list of six metaverse predictions for 2023.

    The best prediction is that enterprise applications will be the mainstay of the metaverse this year. This will help more companies, from retailers and restaurants testing store and table configurations to manufacturers building digital twins, experiment with digital versions of physical spaces to improve real-world customer experiences. It’s based on the fact that it works.

    According to PwC, the Metaverse will redefine the challenges for all business leaders, with 82% expecting it to be part of their plans over the next three years, sparking a race for new skills, especially for 3D artists and designers. increase.

    Other predictions include the potential for AI to transform the metaverse. This could make it easier to create immersive experiences and derive insights from vast amounts of data and simulations, including tracking avatar activity.

    3. News Recap: Top Metaverse Stories of the Week

    Meta has cut the price of its virtual reality headsets by a third. in hopes of stimulating demand. The company cites declining sales of the Quest 2 headset as the reason for his 17% decline in Q4 revenue for the Reality Labs division. Tencent is reportedly in talks with Meta. Meta Quest headset for sale in Chinaaccording to Reuters.

    Vienna University of Economics and Business Postgraduate Courses You Can Complete at the Metaverse, financial times report. It has developed a Professional Masters in Sustainability, Entrepreneurship and Technology program with the edtech start-up Tomorrow University of Applied Sciences. More Business Schools Enter the Metaverseas highlighted in the metaverse roundup at the end of last year.

    Military training is taking place in the Metaverseaccording to a British newspaper report daily telegraphBritish firm BAE Systems says it has saved millions of pounds in the cost of training exercises by running competitive scenarios where most roles are done by computers. According to the paper, the global market for military metaverse technology could reach up to $20 billion by 2030.

    The virtual pop group, which has already achieved over 20 million video views on YouTube, How the Metaverse Will Change the Entertainment IndustryKorean girls quartet MAVE: was created by web designers and artificial intelligence. The band is part of the Metaverse He push by tech giant Kakao, who is her K-pop pioneer in South Korea, looking to acquire SM Entertainment. Kakao invested about $9 billion in his Metaverse Entertainment subsidiary.

    of Metaverse Real Estate Market Expected to Grow to $5.37 Billion by 2026, new york times report. Many of them are said to have been purchased by global brands such as Adidas, Atari and Warner Music Group to sell merchandise or provide virtual entertainment venues. Land sales on one of his most popular metaverse platforms, The Sandbox, reached about $167 million last year.

    world’s largest Fashion brands are experimenting with the Metaverse reports that they are trying to attract younger consumers. Financial Times. Gucci, Burberry, Prada, Balenciaga and others are participating. It uses augmented reality to allow users to try on 3D versions of his clothes before buying the real thing, as well as offering NFT owners the opportunity to purchase customized jewelry.

    A Metaverse-based shopping mall has been opened by Majid Al Futtaim, a lifestyle and leisure conglomerate in the Middle East. The Metaverse mall is based on the Decentraland platform It will also “improve the digital experience across its retail, entertainment and leisure offerings.” The company says this will allow it to better monitor and understand shopper behavior, but it says it needs to. Data-transparent governance standards that enable consumers to trust brands operating in the metaverse.

    4. Agenda Metaverse Details

    of The metaverse can be divided into three main areas: consumer, enterprise, and industrial.What is the difference between each?

    Two experts say that without a deep understanding of the culture and dynamics of the metaverse, you risk losing your ethical standing.They suggest embracing new areas of the social sciences, such as digital anthropology, to ensure we understand Potential Impact of the Metaverse on Humans.

    Columbia held court hearings in the MetaverseTechnology is making access to the justice system easier and faster, according to the magistrate in charge.


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