Today the European Union unveiled its web 4.0 and virtual worlds strategy. With estimates that the global metaverse market size will grow from €27 billion in 2022 to €800 billion in 2030, the EU wants to make its mark. In particular, it has concerns that the infrastructure is being developed in the U.S. and China. Hence it plans to create locally and be a standard setter.
“We will take this competitive edge to the next level and connect virtual world developers with industry users, invest in the uptake and scale-up of new technologies, and give people the tools and the skills to safely and confidently use virtual worlds,” said Thierry Breton, Commissioner for Internal Market.
Regarding business support, it is likely to launch a Horizon funding program in 2025. The previous Horizon 2020 program dispensed around €75 billion in finance over six years.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
