China forms group to lead metaverse industry standards

China has launched a specialized working group. This initiative, driven by the Ministry of Industry and Information Technology (MIIT), clearly indicates China’s intent to play a pivotal role in the evolution of the metaverse sector. The working group’s establishment signals China’s strategic approach to harnessing the potential of this novel digital realm.

Collaborative efforts to standardize the metaverse

Under the aegis of MIIT, the newly formed group unites a spectrum of stakeholders, including government bodies, academia, and industry heavyweights. This coalition aims to synchronize efforts and establish a coherent framework for the metaverse industry. Notable technology giants like Huawei, Tencent, Ant Group, and other key players, such as Baidu, NetEase, and Sense Time, form part of this consortium. Their collective expertise and resources are set to be a driving force in shaping a structured and efficient metaverse ecosystem.

The primary objective of this working group is to develop industry standards, addressing the current fragmentation in defining and understanding the metaverse. The absence of uniform terminology and architectural frameworks has been identified as a barrier to the sector’s growth. By establishing basic norms and shared language, the group aims to streamline investments and foster synergies, paving the way for a harmonious and sustainable metaverse development.

China’s embrace of blockchain and web3 technologies

Despite its stance on cryptocurrencies, China continues to express interest in blockchain and related technologies. The MIIT’s recent announcement to formulate strategy documents for Web3 development is a testament to this interest. This initiative underscores China’s readiness to explore blockchain’s capabilities, albeit within its regulatory confines.

Moreover, regional governments in China, including those in Sichuan and Shandong, are actively pursuing metaverse development, setting ambitious targets for their respective digital economies. These regional efforts, in tandem with the national strategy, showcase a comprehensive and multi-layered approach to nurturing the metaverse sector.

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