China partners with large technology companies to form working group to develop metaverse industry
Posted: January 19, 2024 5:28 AM Updated: January 19, 2024 10:07 AM
Edit and fact check date: January 19, 2024, 5:28 AM
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China’s MIIT plans to form a working group with the government, academia, and major technology companies to standardize the metaverse sector.
China’s Ministry of Industry and Information Technology (MIIT) announced that it would form a working group comprised of representatives from the government, academia, and major technology companies, including Huawei, Ant Group, Tencent, Baidu, NetEase, and SenseTime, to advocate for standardization. Metaverse sector, according to an official notice released on Friday.
The plan is consistent with the second-largest economy’s efforts to foster growth in the metaverse sector and establish industry standards for it.
The establishment of the task force is consistent with the country’s goal of promoting the growth of emerging industries. The formalization of basic standards, including metaverse terminology and reference architectures, could help consolidate consensus among stakeholders, according to a previous document released by MIIT last September.
“It helps reduce duplicative investment costs and creates collaboration to drive industry development,” said the MIIT representative.
According to the Ministry of Land, Infrastructure and Transport, there is currently no consensus among academia, industry, and research on the definition of the metaverse. Due to intense speculation by certain capitals and companies exploiting the popularity of the Metaverse, the concept of the Metaverse has largely deviated from its practical value. This hinders the development of the metaverse industry to some extent.
China embraces blockchain growth
China promotes the development of metaverses, non-fungible tokens (NFTs), and decentralized applications (DApps) in the context of embracing blockchain technology in the country. Despite local cryptocurrency bans, this commitment is still evident.
Recently, MIIT expressed its intention to produce a strategy document to provide clarity on Web3’s development path. The focus of this document extends to government affairs and industrial sectors to promote the development of NFTs and DApps, accelerate innovative applications in Web3, and foster the construction of digital ecosystems.
Last year, several local governments promised to foster the metaverse industry. Sichuan Province, located in southwestern China and known as a cryptocurrency mining hub before enacting the mining ban, announced in August that it aims to expand its metaverse industry, targeting a market size of $35 billion by 2025.
The local government presented an action plan that includes the creation of a Metaverse-related industrial complex and support from at least 15 Metaverse companies. Specific plans include strengthening blockchain infrastructure, strengthening privacy protection measures, and improving cross-chain controls.
Shandong Province also announced its intention to develop metaverse-related initiatives within the province, aiming to achieve a market size of $22 billion by 2025.
MIIT’s recent announcement highlights China’s broader efforts to foster the growth of emerging metaverse industries.
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About the author
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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