Riga turns Metaverse into augmented reality
Latvia’s beautiful capital Riga (pictured above) is building a Metacity in a bid to become Europe’s capital of the virtual world. A state sponsored initiative to put Latvia on the map has united nearly two dozen national stakeholders, including telcos, academia and government bodies, to commit to their own presence on the Metaverse. The Project is one of Europe’s first and largest, driving ahead with virtual (VR) and extended reality (XR) research, technology and applications. Twenty-two industry partners have signed a memorandum of understanding (MoU) committing to the initiative.
Riga has the potential to become Europe’s next successful Metacity, according to the Electronic Communications Office of Latvia who quoted a study by Cambridge Executive MBA students. The research praised the Latvian capital’s advanced infrastructure, knowledge base, industrial strength and political will. The formal MoU details plans to develop a central authority on extended reality to coordinate the development of the virtual space. This will be the foundation for all subsequent action, such as developing regulation for the platform, attracting funding and coordinating the development of the space itself.
Latvia’s key advantage over rest of the EU’s AR/VR ecosystems is its impressive network. Its fibrous backbone and backhaul and powerful radio signalling created the fifth fastest internet speeds in the EU. Its people are a tight knit group, which smooths the development of projects in which mutual understanding is vital. It is physically well connected too, forming a Baltic hub for airport, trains and cross-border 5G corridors. It also blessed with brains as well as bandwidth. Riga has great technical universities with a vibrant student base. This has created fiercely loyal local technology companies that are geared towards wireless and AR/VR invention. This makes its small but well-connected population the perfect size for a hive of industry.
Development of the Riga Metacity is expected to win it a share of the estimated €600 – €1500 billion that will be spent on Metaverse economies by 2030, according to Neils Kalniņš, 5G Techritory Program Director for the Electronic Communications Office of Latvia. The Memorandum was signed at the 5G Techritory Forum, Europe’s leading 5G platform for decision-maker congregation, networking and joint action.
“We have now expressed our willingness and readiness to be not just talkers, but also doers,” said Kalniņš. “In January, we will come together to discuss how we can create practical applications for the Metaverse. A safe and green future of the Metaverse will be Latvia’s contribution to the world.”
Europe’s only other Metacity underway, CatVerse, is the Catalonian Metaverse in Barcelona, but this is only available to those who share Catalonian interests or values. Singapore is currently one of the most advanced Metaverses in the world. Asia and the USA have the most advanced Metaverses and Latvia could help Europe maintain relevance and a chance of high economic growth, according to its sponsors.
5G Techritory is organised by the Electronic Communications Office of Latvia, funded by the Investment and Development Agency of Latvia (LIAA) and the European Regional Development Fund. It is run in partnership with the International Telecommunication Union and strategic partners Ministry of Environmental Protection and Regional Development of the Republic of Latvia, LMT, The Nordic Council of Ministers and The Nordic Council, and the Digital Accelerator of Latvia.