The world changes. Who do you expect to threaten Europe next? Forget about scary leaders, we have a much scarier case.
Jokes aside, the topic is quite controversial, because the European Union does care about the data of its citizens, while Meta Inc. indeed struggles with the new regulations.
In short, new European data regulations stated that companies cannot store and process Europeans’ data on US-based servers. Meta claimed in an annual report:
“If a new transatlantic data transfer framework is not adopted and we are unable to continue to rely on SCCs (standard contractual clauses) or rely upon other alternative means of data transfers from Europe to the United States, we will likely be unable to offer a number of our most significant products and services, including Facebook (NASDAQ:FB) and Instagram, in Europe.” While most people stay skeptical about this course of events, the fans of decentralization like the idea of shifting users to a decentralized social space, which is web3. And such metaverses as Decentraland and The Sandbox provide the feature.
Moreover, recent studies show that 25% of the population will be spending an hour per day in the metaverse by 2026.
On the other hand, crypto regulations are far from ideal. It will take some time to fill all the gaps for people to stay safe in the new evolutionary step of the internet.
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