The European Commission has unveiled its plans to position Europe as a global leader in Web 4.0 and the Metaverse, with projections indicating that “extended reality” (XR) technologies will create approximately 860,000 jobs across the continent by 2025. XR encompasses immersive technologies such as virtual reality, augmented reality, and mixed reality, which serve as crucial enablers for virtual worlds, according to the Commission’s announcement on July 11.
While acknowledging that the United States, China, and South Korea currently dominate Metaverse innovation, the Commission highlighted the absence of tech giants in the EU that could spearhead investment in virtual world development over the next decade. While gaming, media, and entertainment sectors constitute the majority of AR/VR market activity in Europe, significant opportunities exist in other domains such as retail, healthcare, military and defense, and manufacturing.
Virtual worlds, powered by XR devices, play a pivotal role in shaping the “next generation” of the internet, known as Web 4.0. In this realm, physical and digital entities converge within real-time virtual environments. The Commission emphasized that this marks the beginning of a significant technological transition, stating, “Virtual worlds are an important enabler of Web 4.0 that can significantly revolutionize the daily lives of people and open a wide range of opportunities in many business and industrial ecosystems.” It offered examples including training surgeons through virtual simulations, preserving cultural heritage buildings using “digital twins,” and employing 3D models to address global warming.
To achieve its ambitions as a global leader in Web 4.0 and the Metaverse, the Commission proposed ten actions in its working document submitted to the European Parliament. These actions include attracting specialized talent in virtual world development, creating regulatory sandboxes for testing novel ideas, and establishing global standards for interoperable metaverses. Thierry Breton, the European Commissioner for Internal Market, expressed confidence in Europe’s ability to lead the technological transition, citing innovative start-ups, rich creative content, an influential role in setting global standards, and an innovation-friendly legal framework.
Europe’s strategy to embrace Web 4.0 and virtual worlds positions the continent at the forefront of technological progress. By capitalizing on its strengths and encouraging a vibrant ecosystem, Europe aims to shape the future of digital experiences while fostering substantial job growth and economic opportunities.