The potential supremacy of web giants in the metaverse worries the European Commission. As part of a consultation on its new policy, the EU is concerned that the dominance of these big players could put privacy, cybersecurity and equality at risk. This fear could create barriers to market entry for local startups and SMEs.
The major risks of the metaverse for privacy, security and equality
Last February, the European Commission announced the forthcoming publication of a metaverse policy guidance document. It aims to set clear policy while protecting fundamental rights such as privacy and equal access to markets for local businesses.
As part of a consultation on its new policy on virtual worlds, the European Union warns against the potential domination of web giants. This situation could create barriers to entry into the market, which is reserved exclusively for a few large companies. And thus exclude EU startups and SMEs from this emerging market.
” There is a risk that a small number of big players will become the future guardians of virtual worlds, creating barriers to market entry and excluding startups and SMEs [petites et moyennes entreprises] of the EU of this emerging market“, indicates the project.
To avoid such a situation, the consultation document presents a series of policy questions for Web 4.0. Such as equality, data privacy, cybersecurity, openness and funding for local businesses. The objective of this consultation is to create a clear and effective regulatory framework for the metaverse.
The European Union recently passed a Digital Markets Act to tackle anti-competitive behavior by internet giants such as Meta, Google and Amazon. However, the ongoing consultation highlights fears that these trends will repeat themselves in subsequent versions.
Therefore, it is crucial to have rigorous security standards in place to protect the personal data of metaverse users, as cybersecurity is a major concern in virtual worlds.
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