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The European Commission said the technologies of extended reality, XR, including virtual reality, augmented reality and mixed reality, will create around 860,000 jobs in Europe by 2025.&nbsp;



This prediction came in a factsheet that gives an overview of Virtual Worlds and Web 4.0 and the numerous possibilities it can hold for citizens and businesses in the EU.&nbsp;



The European Commission&#8217;s factsheet expected that the estimated growth of the global virtual worlds market would hit €800 billion in 2025, compared to €27 billion in 2022. It pointed out that the virtual worlds would have a significant impact on employment as it would create another 1.2 million to 2.4 million direct and indirect jobs in other sectors by 2025.



The paper detailed what sectors the virtual worlds would affect positively; health, education, industry, green transition, art, and design. For example, the industrial virtual worlds will reduce vehicle delivery time by 60% and the carbon footprint of vehicle manufacturing by 50% in 2025.



The commission noted that the most of innovations related to the metaverse are focused in the United States, China, and South Korea.&nbsp;



&#8220;Contrary to these countries, in the EU there are no tech giants to lead the investment in the development of virtual worlds over the next decade,&#8221; the paper added.&nbsp;



It is worth mentioning that the European Commission adopted a strong strategy for Web 4.0 and the virtual worlds, aka metaverse, to ensure an open, secure, trustworthy, fair, and inclusive digital environment for EU citizens, businesses, and public administrations.



In a press release, the European Commission said the new strategy comes in line with the current development of Web3 whose main features are openness, decentralization, and user full empowerment, pointing out that the next generation, Web 4.0, will enhance the integration between digital and real objects and environments and interactions between humans and machines.



The EU Commission showed its commitment to supporting creators and media companies in the EU region to test new creation tools, bring together developers and industrial users, and work with Member States to develop regulatory sandboxes for Web 4.0 and virtual worlds.

European Commission

Metaverse

European Commission Expects XR To Create 860,000 Jobs by 2025

The European Commission is expected to issue a draft law on promoting the digital euro and develop its metaverse strategy in May, a&nbsp;<a target="_blank" href="https://ec.europa.eu/transparency/documents-register/detail?ref=SEC(2023)2443&amp;lang=en" rel="noreferrer noopener">document published on the commission&#8217;s website revealed on Monday</a>.



At the time that the European Central Bank did not decide to issue a central bank digital currency (CBDC), the commission pointed out that new laws needed to be issued to enhance the CBDC&#8217;s legal status and set anti-money laundering regulations, Coin Desk reported.&nbsp;



Mairead McGuinness, the European Union&#8217;s financial services commissioner, told lawmakers on the Economic and Monetary Affairs Committee Tuesday asserted the importance that Europe should not be in rush to take action now, but it is better to do something in the coming five or ten years.&nbsp;



McGuinness added that by the issue of the bill on May 24, the European Union member states are free to determine the use cases of the digital euro and the technology which will be used. However, lawmakers appeared doubtful about McGuinness&#8217;s remarks on the digital euro, asking about its feasibility from the point of view of the consumer.&nbsp;



Moreover, lawmakers in the European Parliament proposed imposing taxes on crypto assets to fund the European Union&#8217;s annual budget, which is worth 170 billion euros ($185 billion). The lawmakers presented a draft report to the parliament&#8217;s budget committee that include options of imposing taxes on investors’ capital gains, transactions, or mining.



The lawmakers believe that regulating and taxing crypto assets at the EU level is more efficient than at the national level, given their high mobility and cross-border dimension. They still have a chance till February 2 to propose changes in the report, however, the EU parliament has limited control over tax laws.&nbsp;

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