Finland has disclosed plans to play a leading role in the metaverse to boost its digital economy and protect users despite a late entry into the race.
Finland’s ambitions make it the first European Union (EU) nation to unveil a strategy for the metaverse, Euractiv reported. Finland’s white paper defines the metaverse as immersive virtual worlds “that may integrate elements of the physical and digital worlds.”
According to Finland’s blueprint, attempts to trigger development in the local metaverse ecosystem will align with the country’s norms and values. Firstly, Finland will be proceeding with a collaborative stance, onboarding other nations in its pilots and probing new use cases for the metaverse.
“Finland’s geopolitical position between superpowers of the world allows it to balance its interests between different actors and regions and to create mutual trust in other countries,” read the white paper.
Apart from its unique geographical position, the report highlights the presence of leading blockchain technology and telecommunication firms in the country as key indicators for potential success. Finland is home to telecom giants Nokia (NASDAQ: NOK) and Cinia, joining the exclusive league of nations with the leading metrics for converging technologies.
Finland’s drive for metaverse supremacy will see it leverage blockchain, gaming, artificial intelligence (AI), and quantum computing to create a world-class offering for consumers. However, while the report targets a 2035 timeline to realize its ambitions, Finland says it will conduct annual appraisals to gauge its efforts.
In line with Finnish values, the nation aims to be a “global advocate for digital rights and ethics in the metaverse” to protect privacy and autonomy. Finland says it will stand against discrimination in the metaverse and support startup firms with financial, technological, and regulatory support.
Achieving the objectives in the white paper will not be a walk in the park for Finland, but the document identified a number of actionable steps. Right out the bat, the country says it will launch a mass metaverse literacy program to “educate the general public about new opportunities by the metaverse.”
Catching up to other jurisdictions
Despite the detailed nature of Finland’s white paper, the country still faces an uphill climb to achieve its goal of becoming a global leader by 2035. At the moment, Finland is playing catchup to other jurisdictions, given the sheer amount of public-private sector development in their local ecosystems.
Japan, China, and South Korea have emerged as industry leaders in the metaverse, underscored by their robust legal frameworks, service providers, and funding for new and small firms.
In 2022, South Korea announced its intention to play a leading role in the virtual world with a $187 million investment to develop a national metaverse ecosystem. Its government has since followed up with further cash injections into the industry to support creators and incentivize usage.
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