Virtuality as a Symbol of the Digital Era: The Role of the Metaverse in this Juncture.

As we edged into post-modernity, digitalization not only transformed society’s operations but also manifested its capability to continue to shape the future life of the next generation, with the Metaverse emerging as a revolutionary virtual space[1]. The EU, as an iconic part of technological growth, has in recent years invested in harnessing Metaverse for social cohesion, economic expansion, and cross-cultural interaction[2]. This immersive digital space, combining the internet, Virtual Reality (VR), and Augmented Reality (AR), offers both opportunities and challenges[3].

For instance, as the union opts to promote economic growth and innovation through programs upholding a competitive digital economy[4], metaverse-related industries, such as digital game design, virtual real estate development, and immersive advertising, with startups receiving funding in the European tech scene[5]. Furthermore, this virtual space can help EU Small and Medium-Side Entreprises (SMEs) access international markets and foster cross-border trade, entrepreneurship, and teamwork[6]. Its 5G technology and digital infrastructure enable virtual spaces for interaction with customers, fostering cultural exchange and social solidarity[7]. The EU can also benefit from hosting cultural events, educational programs, and creative displays, promoting mutual understanding and communication between cultures.

Despite these tangible benefits, Metaverse growth raises privacy, ethical, and digital governance concerns. The EU legislative framework needs updating to address user safety, data privacy, identity theft, harassment, and disinformation. Creative fixes and strong governance structures are needed to address these issues in the digital age[8].

The EU must ensure equal access to the Metaverse for all citizens, regardless of their financial situation, to bridge the digital divide and create an inclusive society. Incentives for digital literacy programs and infrastructure are needed to create a resilient, inclusive, and cohesive society. The EU's leadership in navigating this new digital terrain will demonstrate its commitment to democracy, diversity, and opportunity, and Metaverse could become a defining characteristic of European identity.

[1] Andreescu, F.C. Existence hacked: meaning, freedom, death, and intimacy in the age of AI. AI & Soc (2024). https://doi.org/10.1007/s00146-024-02052-5 

[2] Hyams-Ssekasi, D., & Song, W. (2020). EU Tax Competition and the Innovation of the Digital Economy. European Finance, Business and Regulation, 579-92.

[3]P. Bhattacharya et al., "Coalition of 6G and Blockchain in AR/VR Space: Challenges and Future Directions," in IEEE Access, vol. 9, pp. 168455-168484, 2021, doi: 10.1109/ACCESS.2021.3136860. keywords: {6G mobile communication;5G mobile communication;Blockchains;Real-time systems;Quality of experience;Medical services;Artificial intelligence;6G;augmented reality;blockchain;digital content;industry 4.0;smart contracts;virtual reality applications},

[4] Cabral, Luis M. B. and Haucap, Justus and Haucap, Justus and Parker, Geoffrey and Petropoulos, Georgios and Valletti, Tommaso M. and Van Alstyne, Marshall W., The EU Digital Markets Act: A Report from a Panel of Economic Experts (February 9, 2021). Cabral, L., Haucap, J., Parker, G., Petropoulos, G., Valletti, T., and Van Alstyne, M ., The EU Digital Markets Act, Publications Office of the European Union, Luxembourg, 2021,ISBN 978-92-76-29788-8, d oi:10.2760/139337, JRC122910., Boston University Questrom School of Business Research Paper No. 3783436, NYU Stern School of Business Forthcoming, Available at SSRN: https://ssrn.com/abstract=3783436 

[5] Nikolakopoulou, A. M. D. (2023). COMPETITION ISSUES IN THE METAVERSE.

[6] Terzić, L. (2023). The green and digital transition through innovation, SME competitiveness, and economic resilience: Evidence from the European Union economies. Theoretical & Applied Economics, 30(2).

[7]Qadir, A. M. A., & Fatah, A. O. (2023). Platformization and the metaverse: Opportunities and challenges for urban sustainability and economic development. EAI Endorsed Transactions on Energy Web, 10(1). http://dx.doi.org/10.4108/ew.3842 

[8] Effing, R. (2024). Will the metaverse be out of control? Addressing the ethical and governance implications of a developing virtual society. Digital Government: Research and Practice, 5(3), 1-15. https://doi.org/10.1145/3674148