The technology sector is undoubtedly one of the fastest-growing fields in the modern world. As a result, the internet has also been developing and expanding incessantly.
Recognizing this, the EU has quickly formulated a strategy on Web4 and Metaverse with the aim of nurturing Web4 businesses within the bloc and becoming a global standard-setter. This is a long-term strategy, similar to the Union’s economic prospects for 2030.
With this new strategy, the European Commission asserts that European countries aim to drive the next technological transition. Additionally, they seek to ensure an open, secure, trustworthy, fair, and comprehensive digital environment for EU citizens, businesses, and public administrations.
The statement by the European Commission also highlights that while Web3 emphasizes openness, decentralization, and user empowerment, Web4, the next generation of the Internet, will enable the integration of digital and physical objects and environments, enhancing interaction between humans and machines.
Web4 is the convergence of artificial intelligence (AI), the Internet of Things (IoT), blockchain, virtual and augmented reality.