The European Union thinks that consumers may be adversely affected due to the market dominance of the metaverse.
The European Commission is targeting giant tech firms for unfairly controlling online markets.
European Union Targeted Metaverse This Time
The EU, which has made moves that may cause trouble for the crypto sector recently, has turned its direction to the metaverse and large companies this time.
Two officials from the EU’s antitrust authority, published in a blog post, stated that if metaverse companies grow and monopolize further, users’ choices may be limited and prices may increase.
The European Union is preparing its own strategy for virtual online worlds. The ideas featured in the blog post could be the final stage in a long-running antitrust campaign against the EU’s tech giants.
While Facebook is renaming itself to the Meta name in an effort to drive the technology, regulators are raising concerns that the company may try to create a “walled garden” that users can’t easily leave.
Friedrich Wenzel Bulst and Sophie De Vinck noted that large companies that build a closed ecosystem can “constrain consumers, partners, and competitors in a variety of ways.” Companies can force people to buy goods that they produce themselves.
The European Commission’s antitrust unit recently fined Google over 4 billion euros for allowing phones running the Android operating system.
