Has Web3 Ended? The EU Plans to Promote Web 4.0 and the Metaverse

The European Commission announced in July this year that the development of Web 3.0 is focused on openness, decentralization, and empowering users, as stated here. The next generation, Web 4.0, will integrate digital and physical objects/environments, enhancing human-machine interactions. The European Parliament has proposed four main guidelines for this.

Web 4.0 Digital Transformation: Virtual Market to Reach 800 Billion Euros by 2030

The European Commission stated that in March of this year, the "Economic Outlook for the EU after 2030" emphasized the driving force of digitalization, with Web 4.0 being a major technological transformation that will bring about a seamless, intelligent, and immersive world. The global virtual world market is expected to grow from 27 billion euros in 2022 to over 800 billion euros by 2030. The EU's new strategic goal is to establish an Internet 4.0 and virtual world that reflects EU values and principles, fully empowers human rights, and aids business development.

Four Strategies of the European Commission for Web 4.0

• Empowering People and Enhancing Skills: Raise awareness, access credible information, and establish a talent pool of virtual world experts. By the end of 2023, the Commission will promote the virtual world guiding principles proposed by citizen panels; and will develop guidance for the public through a "citizen toolbox" by the first quarter of 2024.
• Supporting the European Web 4.0 Industrial Ecosystem: The EU Commission proposes to establish virtual world partnerships, possibly starting in 2025, to promote excellent research and develop industrial and technical roadmaps for the virtual world. The Commission will also support EU creators and media companies in testing new creative tools, bringing together developers and industry users, and collaborating with member states to develop regulatory sandboxes for Web 4.0 and the virtual world.
• Supporting Social Progress and Virtual Public Services: The EU currently has several major initiatives, such as Destination Earth DestinE, Local Digital Twins, European Digital Twin of the Ocean, which can assist science, industry, and public policy. The EU Commission is also promoting two new projects: CitiVerse and European Virtual Human Twin. Virtual environments can be set up to simulate urban planning and management, as well as simulate physical conditions to aid clinical diagnosis and treatment.
• Developing Open, Interoperable Global Standards for the Virtual World and Web 4.0: Ensuring they are not dominated by a few giants. The Commission will collaborate with internet governance stakeholders worldwide and promote Web 4.0 standards based on the EU's vision and values.