China Plans to Form Working Group for Metaverse Standards
China is taking steps to establish standards for the metaverse by forming a working group, recognizing the potential of the technology. The Ministry of Industry and Information Technology (MIIT) in China has released a draft proposal to create this working group, emphasizing the need for standardization and guidance to ensure the healthy and orderly development of the metaverse industry. While acknowledging the metaverse as an innovative combination of cutting-edge technologies, the MIIT also highlights the lack of clear definitions in virtual reality, which allows for speculation in the market.
Promoting Chinese Tech Stocks with Metaverse Development
JPMorgan analysts suggest that Chinese tech stocks could benefit from the growth of the metaverse. Companies such as Tencent, NetEase, and Bilibili, which are web giants in China, are expected to gain the most from metaverse development. Additionally, non-web companies like China Mobile, Sony, and Agora could also see positive impacts if China embraces this emerging technology.
Hot Take: China Embraces Metaverse Potential with Working Group
China’s move to establish a working group for metaverse standards demonstrates its commitment to shaping the future of this technology. By focusing on standardization and guidance, China aims to ensure the orderly development of the metaverse industry. This initiative not only addresses challenges but also aims to prevent speculation in the market due to a lack of clear definitions in virtual reality. With a strong emphasis on regulation and control, China is positioning itself to leverage the potential benefits of the metaverse. As Chinese tech stocks stand to gain from this development, it will be interesting to see how they capitalize on opportunities within the evolving metaverse landscape.
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