China Expands Its Involvement in the Metaverse Sector
- China aims to standardize the metaverse sector.
- Chinese tech giants like Huawei and Tencent are involved.
- The initiative reflects China’s commitment to Web3 technologies.
The Metaverse Sees Accelerated Research in China
China has recently established a dedicated working group to standardize and develop the metaverse sector in the region.
This group, formed by the Ministry of Industry and Information Technology (MIIT), includes representatives from the government, academia, and major tech companies such as Huawei, Ant Group, Tencent, Baidu, NetEase, and Sense Time.
The ministry highlighted the lack of a common agreement on the exact definition of the metaverse, noting that excessive speculation and commercial exploitation of the concept have hindered its practical development and slowed down the metaverse industry’s evolution.
According to a recent statement by the MIIT, the main goal of this group is to establish “industry standards” for the metaverse, particularly in terms of “terminology and reference architecture.” Through this initiative, they hope to create a collaborative momentum among these parties, which would be beneficial for the overall development of the metaverse industry in China.
“This contributes to reducing redundant investment costs and creates a collaborative force to drive industrial development,” stated the MIIT.
China Becoming Increasingly Open to Web3 Technologies
For several months now, China has shown a much greater openness to blockchain technology, despite its ban on cryptocurrencies.
In addition, the MIIT recently announced its plan to define the trajectory of Web3, with a focus on promoting non-fungible tokens (NFTs) and decentralized applications (dApps).
Several local governments in China, such as those in the Sichuan and Shandong provinces, have also expressed interest in developing the metaverse industry, with ambitious market growth goals set before 2025.
