Web 3.0 is going great and is expected to create 860K jobs by 2025 according to the EU Commission.
‘Extended reality’ to create 860K jobs by 2025: EU Commission

Web 3.0: Virtual Worlds and Job Creation

The European Commission has predicted that “extended reality” technologies, such as virtual reality, augmented reality and mixed reality, will generate 860,000 jobs in Europe by 2025.

These XR technologies will enable people to interact with virtual worlds, making them a “major technology enabler”, the Commission said on July 11. It added that the impact on employment will be “highly significant”, with an additional 1.2 to 2.4 million jobs being created in other sectors by 2025.

However, the majority of innovation in the Metaverse is currently taking place in the United States, China and South Korea.

Web 3.0: Revolutionizing Daily Lives

Most of the AR/VR market in Europe is centered around gaming, media and entertainment, yet there is still a lot of potential for other applications, such as retail, healthcare, military and defense, and manufacturing.

The Commission has pointed out that virtual worlds, which are enabled by XR devices, are a key component of the upcoming “Web 4.0” where physical and digital objects are combined in virtual settings in real-time.

“We are currently in the early stages of a major technological transition, Web 4.0. Virtual worlds are an essential part of Web 4.0 that can drastically change people’s day-to-day lives and offer a wide range of opportunities in various business and industrial ecosystems,” it said.

For instance, virtual worlds can be used to train surgeons for complex medical procedures, digital twins can be used to protect cultural heritage buildings, and 3D models can help to address global warming.

Web 3.0: The European Commission’s Plan to Become a World Leader

The European Commission has proposed a plan to become a “world leader” in Web 4.0 and the Metaverse, as outlined in its working document submitted to the European Parliament. Thierry Breton, the European Commissioner for Internal Market, stated “Today, Europe throws its hat in the ring to become a world leader in Web 4.0 and virtual worlds.”

Proposed Actions to Become a Web 3.0 Leader

The Commission has proposed 10 actions to become a Web 3.0 leader, such as attracting specialized virtual world talent to the region, creating regulatory sandboxes to test novel ideas, and developing global standards for interoperable metaverses. Breton believes that “Europe has what it takes to lead the next technological transition” due to its innovative start-ups, rich creative content, industrial applications, and an innovation-friendly and predictable legal framework.

The concept of Web 3.0 is gaining traction in the gaming world, as Apple looks to improve the gaming experience. The SEC, however, has raised concerns about Metaverse, while Logan Paul was recently trolled on Steam. Nicole Junkermann has been discussing the potential of Web 3.0 stocks.

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