As the world’s second-largest economy is expected to drive growth in the nascent industry, China has formed a working group to drive standardization in the metaverse sector.
The Ministry of Industry and Information Technology (MIIT) stated as follows: To find out It said on Friday that it had formed a working group comprised of government, academic and business representatives.
Members of the working group include members of Chinese tech giants such as Huawei, Ant Group, Tencent, Baidu, NetEase and Sense Time.
The creation of the task force comes as the country hopes to establish industry standards for the metaverse sector. MIIT said: document The formalization of basic standards, such as the metaverse terminology and reference architecture announced in September, could help consolidate consensus among stakeholders.
“This helps reduce duplicative investment costs and creates collaboration to drive industry development,” MIIT said.
The Ministry of Defense added that there is currently no consensus among academia, industry and research sectors on the definition of the metaverse. The Planning Department said, “The concept of the Metaverse has become less practical due to the intense speculation by some capital and companies that exploited the popularity of the Metaverse.” “This hinders the development of the metaverse industry to some extent.”
Commitment to Strengthening Web3
China plans to continue embracing blockchain technology despite its cryptocurrency ban, encouraging the development of non-fungible tokens and decentralized applications. MIIT said this in December: document That’s the plan. write a strategy document Clarifies the development path for Web3.
Last year, several local governments promised to foster the metaverse industry. Sichuan — a region in southwestern China that was once a cryptocurrency mining hub Mining Ban — Last August, we announced that we were aiming to: Grow the metaverse industry The market size is expected to reach 250 billion yuan ($35.1 billion) by 2025.
In August, Shandong Province also announced the following plans. Growth of metaverse-related initiatives It is expected to reach a market size of 150 billion yuan by 2025.
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