European Union regulators want to wrap their heads around how the metaverse works before moving forward with formulating a regulatory framework, Reuters reported Tuesday (Feb. 8).
“… the metaverse is here already,” European Commission Executive Vice President Margrethe Vestager said during an online event organized by German newspaper publishers, according to the report. “So, of course, we start analyzing what will be the role for a regulator, what is the role for our legislature.”
See also: Metaverse to Face Strict Online Rules in UK
The metaverse started grabbing headlines following Facebook’s name change to Meta in October and the company’s priority in fast-tracking the new sector that is becoming a household term largely steeped in confusion.
A conceptualized virtual world, the metaverse will turn the internet to an immersive virtual space that can be used for work, fun, socializing, experiences and events.
Read also: Meta Debuts Personal Space Boundaries in Metaverse
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“Everything we do must be fact-based and based on the information that we can get… We need to understand it before we can decide what actions would be appropriate,” said Vestager, per the report.
Facebook has been under Vestager’s microscope regarding the social media giant’s data collection methods and how that data is used, the report stated.
Meta is gambling that the Metaverse will be the next big thing and will replace the mobile internet. It has sunk piles of cash into virtual and augmented reality (AR), according to the report.
Facebook is not alone in its metaverse quest, as others have joined the emerging sector, including Decentraland, a user-owned, Ethereum-based virtual world. Decentraland gives users the ability to explore and interact with games and activities. They can also purchase virtual land and create environments, marketplaces and applications.
See more: Metaverse May Pose New Competition Challenges, Says EU Antitrust Chief
