China Forms Working Group to Standardize Metaverse Sector
China is taking steps to standardize the metaverse sector by forming a working group consisting of representatives from the government, academia, and corporations. Tech giants like Huawei, Ant Group, Tencent, Baidu, NetEase, and Sense Time are among the members of this group. The Ministry of Industry and Information Technology (MIIT) aims to establish industrial standards for the metaverse sector to unify consensus among stakeholders. According to the MIIT, there is currently no agreement on the definition of the metaverse among academia, industry, and research sectors. Speculation and misuse of the concept hinder its development.
Promoting Web3 Development
In addition to its efforts in the metaverse sector, China plans to boost the development of non-fungible tokens (NFTs) and decentralized applications (DApps) as part of its embrace of blockchain technology. Despite banning cryptocurrencies, China intends to formulate strategy documents to clarify the development path of Web3. Several local governments have also pledged to foster the growth of the metaverse industry. Sichuan province aims to reach a market size of 250 billion yuan ($35.1 billion) by 2025, while Shandong province targets a market size of 150 billion yuan in the same timeframe.
Hot Take: China’s Push for Metaverse Standardization
China’s formation of a working group to standardize the metaverse sector highlights its commitment to driving growth in this emerging industry. By bringing together key stakeholders from various sectors, including tech giants, China aims to establish industrial standards that will promote collaboration and reduce redundant investment costs. However, challenges remain due to differing definitions and speculative use of the metaverse concept. Nonetheless, China’s dedication to not only standardizing the metaverse but also fostering the development of Web3 technologies like NFTs and DApps demonstrates its determination to be a global leader in the digital economy.
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