China Establishes Metaverse Working Group with Huawei, Tencent, Ant Group, and More

 

China is taking significant steps towards standardizing the growing metaverse sector by establishing a dedicated working group. The Ministry of Industry and Information Technology (MIIT) announced this initiative on Friday, bringing together representatives from the government, academia, and major corporations to contribute to the development of this emerging industry.

Key members of the newly formed working group include tech giants like Huawei, Ant Group, Tencent, Baidu, NetEase, and Sense Time, highlighting a collaborative effort across various sectors. The establishment of this task force aligns with China's broader goal of setting industrial standards for the metaverse.

In a notice, the MIIT emphasized the importance of creating fundamental standards, such as defining metaverse terminology and reference architecture. These standards aim to foster consensus among stakeholders, reduce redundant investment costs, and catalyze collaborative efforts for the overall growth of the metaverse industry.

The MIIT highlighted the lack of consensus among academia, industry, and research sectors regarding the metaverse's definition. The ministry expressed concerns about speculative activities driven by certain capital and businesses, causing the concept of the metaverse to deviate from its practical value. This divergence, according to the MIIT, hampers the industry's development.

Despite its ban on cryptocurrencies, China is actively promoting the development of non-fungible tokens (NFTs) and decentralized applications (DApps). In a document released in December, the MIIT outlined plans to create strategy documents that clarify the development path of Web3, signaling the country's commitment to embracing blockchain technology.

Several local governments in China have also pledged support for the metaverse industry. Sichuan, a province that was once a crypto mining hub, aims to reach a metaverse market size of 250 billion yuan ($35.1 billion) by 2025. Similarly, Shandong province has set a target of growing its metaverse-related initiatives to achieve a market size of 150 billion yuan by 2025.

These efforts reflect China's strategic focus on shaping the future of the metaverse industry and capitalizing on its potential economic impact, despite ongoing regulatory measures in related fields.

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