The European Union has been speaking up about its role in the quickly growing world of new technologies.

It has been leading the way in creating clear rules for cryptocurrencies, like its recent Markets in Crypto-Assets (MiCA) framework. It also wants to make rules for artificial intelligence (AI) systems.

Recently, on July 11, the European Commission shared its new plan to be at the forefront of metaverse development. This is to stop big tech companies from getting too much power in an important area.

A European dream of the metaverse

The latest EU idea is that by 2030, the market for metaverse things will be worth over 800 billion euros. This is a big jump from its value of 27 billion euros in 2022. Some experts even say it could be worth $5 trillion.

The EU wants to be ahead in metaverse stuff to show its values and rights. It also wants things to be open and work together well.

Margrethe Vestager, who is in charge of the European Commission, said the EU needs to think about people first. She wants the new digital space, Web 4.0, to be open, safe, fair, and good for everyone.

The commission asked regular people in Europe for their ideas about the metaverse in February and April 2023. They wanted ideas for what the metaverse should be like and what it should do.

From 140 people chosen randomly, they got 23 ideas that helped make their plan.

The EU's plan for the metaverse has a few main points. They want to teach people about the metaverse so they can be experts. They also want to help businesses do well in the metaverse. They want to use the metaverse to make society better and offer helpful services. And they want the metaverse to follow certain rules to make sure it's open and works well for everyone.

Source: cointelegraph.com