Metaverse Sector Gains Momentum as China’s Tech Leaders Unite for New Initiative
In a significant move to standardize and propel the growth of the metaverse sector, China has established a dedicated working group. This initiative, spearheaded by the Ministry of Industry and Information Technology (MIIT), marks a concerted effort by the world’s second-largest economy to steer the development of this emerging industry.
Metaverse sector gains momentum with China’s new initiative
The working group, announced by the MIIT, brings together a diverse array of participants, including government representatives, academic experts, and corporate giants. This collaborative approach aims to create a unified vision and standards for the burgeoning metaverse industry. Among the notable corporate members are leading Chinese technology companies such as Huawei, Ant Group, Tencent, Baidu, NetEase, and Sense Time. This assembly of expertise and resources underscores China’s commitment to establishing a robust and cohesive metaverse sector.
Central to the working group’s mission is creating industrial standards for the metaverse. The MIIT highlighted the absence of a consensus on the definition of the metaverse among academia, industry, and research sectors. According to the ministry, this lack of agreement has led to speculation and a drift from the practical value of the metaverse concept, potentially hindering its development.
In addressing these challenges, the working group will focus on establishing basic standards, such as metaverse terminology and reference architecture. The aim is to unify the stakeholders’ consensus, reduce redundant investment costs, and create a synergistic force to drive the industry forward. This initiative is crucial in fostering a healthy and sustainable growth environment for the metaverse sector.
Embracing web3 and blockchain
Despite China’s ban on cryptocurrencies, the country continues to show interest in blockchain technology and its applications, including non-fungible tokens (NFTs) and decentralized applications. In a document released in December, the MIIT announced plans to formulate strategy documents to clarify the path of Web3 development. This move indicates China’s willingness to explore and leverage the potential of blockchain technologies within the confines of its regulatory framework.
Local governments in China have also shown a keen interest in the metaverse. Regions like Sichuan and Shandong have announced ambitious plans to grow their metaverse industries, targeting market sizes of 250 billion yuan and 150 billion yuan by 2025. These regional initiatives complement the national strategy, demonstrating a widespread commitment across various levels of government to nurturing the metaverse sector.
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