EU antitrust director: It is necessary to review the competition in the metauniverse

According to the report, the EU antitrust director Margrethe Vestager said that the virtual world accessible through the Internet was the next digital market to attract regulatory review. Vestager said at a meeting that it is time for us to start thinking about what healthy competition looks like in the metauniverse, and we have started this work. In the past three years, the global regulatory review of the digital market has been upgrading. Reuters

Interpretation of this information:

The message is centered around the statement made by Margrethe Vestager, who is the EU antitrust director, that the virtual world accessible through the internet will be the next digital market to attract regulatory review. This statement suggests that the EU is taking steps to regulate the emerging digital industry, as they have already done with the global digital market in the past three years.

Vestager’s emphasis on the need to think about healthy competition in the metauniverse is also noteworthy. This suggests that she recognizes that there is a lot more at stake than just regulating the industry from a legal perspective. The virtual world is a space that will continue to grow and evolve, and it’s important to ensure that the principles of fair competition are upheld as it does so.

The EU’s decision to review the virtual world is timely, as the industry is undergoing rapid development. The pandemic has accelerated the growth of the digital economy, and virtual worlds have become increasingly popular as people seek new forms of entertainment, socialization, and work. This growth has attracted investment from some of the biggest players in the tech industry. Companies like Meta (formerly Facebook), Microsoft, and Roblox have all made moves into the virtual world space.

The EU’s regulatory review of the virtual world is likely to attract significant attention from both proponents and critics of regulation. Some may argue that regulation is necessary to ensure that new entrants have a fair opportunity to compete with established players. Others may argue that regulation will stifle innovation and lead to a less dynamic industry.

Regardless of the arguments, one thing is clear: regulation of the virtual world is necessary. Without regulation, there is a risk that established players will dominate the market and reduce competition. This could lead to a less diverse and less vibrant virtual world industry.

Overall, Vestager’s statement highlights the EU’s commitment to regulating the digital industry. The virtual world is the next frontier in this regulatory push, and the EU’s efforts will be closely watched by industry stakeholders, consumers, and policymakers alike. The EU’s goal is to ensure that healthy competition is maintained, while also allowing the virtual world to continue to grow and evolve.