China Establishes Metaverse Consortium with Tech Giants
China has formed a working group to promote standardization in the metaverse sector and lead its growth. The Ministry of Industry and Information Technology (MIIT) announced the establishment of the group, which includes representatives from government, academia, and businesses. Tech giants such as Huawei, Ant Group, Tencent, Baidu, NetEase, and Sense Time are among the members. The goal is to establish industrial standards for the metaverse sector and achieve consensus on terminology and reference architecture. The initiative aims to reduce redundant investment costs and create a collaborative force for the industry’s development.
Development of NFTs and Decentralized Applications
China also expresses its commitment to blockchain technology by actively promoting the development of non-fungible tokens (NFTs) and decentralized applications. Despite the ban on cryptocurrencies, the country’s Ministry of Industry and Information Technology (MIIT) plans to develop strategic documents outlining the roadmap for Web3 development. Local governments have also focused on enhancing the metaverse industry. The province of Sichuan aims to achieve a market size of 250 billion yuan by 2025, while Shandong aims for 150 billion yuan by the same year.
Meta’s Shift Towards Artificial Intelligence
Meta (formerly Facebook) has announced a strategic shift towards prioritizing artificial intelligence (AI). CEO Mark Zuckerberg highlighted AI as a crucial area of interest and outlined plans to expand Meta’s main AI research groups: FAIR (Facebook AI Research) and GenAI. This marks a deviation from Meta’s previous focus on the metaverse. However, Zuckerberg emphasized that AI and the metaverse are interconnected elements of Meta’s long-term vision. Meta envisions a future where AI plays a central role in everyday interactions, including through smart glasses developed in collaboration with Ray-Ban.
Hot Take: China Takes the Lead in Metaverse Development
China is making significant strides in the development of the metaverse. By establishing a consortium with tech giants and promoting standardization, the country aims to lead the growth of this emerging industry. Additionally, China’s commitment to blockchain technology and the development of NFTs and decentralized applications further solidify its position. Meanwhile, Meta’s shift towards prioritizing artificial intelligence highlights the importance of AI in shaping the future of the metaverse. As China pioneers in this space and Meta continues to invest in AI technology, we can expect exciting advancements and innovations in the metaverse in the coming years.
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