EU Call for Evidence Raises Concerns About Big Players Dominating the Metaverse Market

The virtual world now allows people and companies to connect and engage with one another creatively. There have been thoughts regarding the likelihood of a few dominant major firms controlling access to the virtual world. These big firms can potentially be gatekeepers, possibly eliminating smaller EU start-ups and SMEs.

The European Union is taking action by suggesting steps in the next months, though it is doubtful they would include a draft bill. The EU is undergoing this to stop the establishment of such gatekeepers.

The EU is calling for evidence, available until May 3. The draft proposal notes antitrust officials’ past warnings about the potential for monopolies from internet conglomerates like Meta.

The paper covers some of the major policy issues that develop as Web 4.0’s immersive environment continues to develop and smart gadgets increasingly link the real and virtual worlds. Concerns about data privacy, equity, cybersecurity, openness, and small company financing are just a few of the problems the paper brings up. These are essential for ensuring the developing digital economy is equitable and open to everyone.

EU Recent Bills

Aiming to stop anti-competitive activity, the EU recently passed the Digital Markets Act, which has increased scrutiny on internet giants like Google, Amazon, and Meta. However, there is also fear that similar behaviors may appear in subsequent iterations of the digital economy.

The commission recently passed a bill that might have required smart contracts to include a kill button to stop all activity by approving additional data restrictions. The Internet of Things, which is more common in the developing digital world, is the subject of this law. Hence this bill was not directly targeting the cryptocurrency business.

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