Metaverse Summit

🇪🇺The European Commission is keeping an eye on the metaverse for healthy competition, the region’s antitrust chief has revealed.

🆕In her speech at a conference, the EU’s competition and digital affairs commissioner Margrethe Vestager told the attendees that the region must adapt and react to new market dynamics in the digital era.

📈The EU must anticipate and plan for change, “given the obvious fact that our enforcement and legislative process will always be slower than the markets themselves,” Vestager stated during the event, organized by Keystone Strategy.

👾“For example, it is already time for us to start asking what healthy competition should look like in the Metaverse, or how something like ChatGPT may change the equation,” she noted.

‼️One company Vestager and her team have focused on is Meta, the parent company of Facebook, Instagram, WhatsApp, and many other tech companies. In December, the European Commission issued a list of objections against the Facebook Marketplace, the social media network’s e-commerce platform. Meta could end up forking out $12 billion in penalties if found guilty.

🪙As CoinGeek reported, the company lost $14 billion in 2022 through Reality Labs, its metaverse and virtual reality division, but it has pledged to keep splashing the cash despite the huge loss.

📱With the tech giants like Meta and Apple already investing billions in developing a closed ecosystem that gives them the advantage, antitrust will become critical in the metaverse.

{Metaverse News}
🇮🇳The Indian Web3 market is expected to reach $1.1 billion by 2032, up from $0.0049 billion in 2022 at a compound annual growth rate (CAGR) of 57%.

📉According to the report, the Indian market is expected to follow a growth trajectory with the global Web 3 market which is expected to grow from $3.3 billion in 2021 to $82.72 billion by 2030.

🔝The country's market which currently sized at $2.4 billion is expected to record a CAGR of 39.2% from 2022-2030 to reach $33.9 billion by 2030, according to a white paper released at the 'Entrepreneur Web3 Summit' in Bengaluru.

🔺The outlook of other technologies in the report projected to grow over the next decade includes the market with a CAGR of 47.3%, increasing from $0.28 billion in 2019 to reach $4.3 billion by 2025, and the market which is estimated to record a CAGR of 61.6% as it continues to gain widespread acceptance, increasing from $3.3 billion in 2021 to reach $27 billion by 2028.

👾Finally, the is also set to see significant growth. According to the white paper, the market size of gaming is expected to reach $8.6 billion by 2027, up from $2.6 billion in 2022, at a CAGR of 27%.