On July 11, the European Commission formally adopted its new strategy on Web4 and virtual worlds with the aim of ensuring “an open, secure, trustworthy, fair and inclusive digital environment” for European Union citizens. The strategy is based on four main pillars, revolving around the empowerment of human resources, support of businesses, further development of public services, and shaping of global standards for “Web 4.0” — a freshly coined term that attempts to preempt the next technological wave.
While it’s commendable that the European Commission is proactively strategizing for the EU to take the lead on Web 4.0, or Web4, and virtual worlds, we shouldn’t neglect the fact that for all the fanfare of Web3 and the trends that accompanied it, notable credit and financial institutions have so far only firmly and mainly placed their confidence in Bitcoin (BTC) and, to a lesser extent, Ethereum.