Summary
China has established a working group to promote standardization in the metaverse sector, aiming to drive the growth of the industry. The group, formed by the Ministry of Industry and Information Technology (MIIT), consists of representatives from the government, academia, and corporations, including major Chinese tech companies such as Huawei, Ant Group, Tencent, Baidu, NetEase, and Sense Time. The working group’s objective is to set industrial standards for the metaverse sector, including terminology and reference architecture, to unify consensus among stakeholders and reduce redundant investment costs. The MIIT stated that there is currently no consensus on the definition of the metaverse among academia, industry, and research sectors, which hinders the development of the industry. Additionally, China plans to support the development of non-fungible tokens (NFTs) and decentralized applications (dApps) as part of its embrace of blockchain technology. Several local governments in China have also pledged to promote the growth of the metaverse industry.
Key Points
1. China has formed a working group to standardize the metaverse sector, with representatives from the government, academia, and corporations, including tech giants like Huawei, Ant Group, Tencent, Baidu, NetEase, and Sense Time.
2. The Ministry of Industry and Information Technology (MIIT) aims to establish industrial standards for the metaverse sector, including terminology and reference architecture, to unify consensus among stakeholders and drive industrial development.
3. The MIIT stated that there is currently no consensus among academia, industry, and research sectors on the definition of the metaverse, and excessive speculation has led to the concept drifting from its practical value, hindering the industry’s development.