China's Metaverse Consortium, comprising tech giants Huawei, Tencent, and Ant Group, aims to set industry standards. The Ministry of Industry and Information Technology (MIIT) leads the initiative, emphasizing the need for consensus on metaverse terminology and architecture.
A working group, announced by MIIT, includes government, academia, and industry representatives. Members feature leading tech companies like Huawei, Tencent, Ant Group, Baidu, NetEase, and Sense Time.
The task force aligns with China's goal to establish metaverse industry standards, reducing redundant costs. MIIT addresses the lack of consensus among academia, industry, and research sectors on metaverse concepts, highlighting the impact of speculation on hindering industry growth.
Despite cryptocurrency bans, China actively supports non-fungible tokens (NFTs) and decentralized applications. MIIT plans strategic documents outlining Web3 development, showcasing a commitment to blockchain.
Provinces like Sichuan and Shandong are investing in the metaverse. Sichuan aims for a 250 billion yuan market by 2025, while Shandong projects a 150 billion yuan market. These regional efforts reflect China's commitment to metaverse expansion.
Meta (formerly Facebook) undergoes a strategic shift, prioritizing artificial intelligence (AI) over the metaverse. CEO Mark Zuckerberg outlines plans to enhance AI research groups, emphasizing "general intelligence" technology. Despite the shift, Zuckerberg envisions AI and the metaverse remaining interconnected in Meta's long-term vision.
China's Supreme People’s Procuratorate (SPP) is increasing efforts to combat cybercrimes, especially those exploiting blockchain and metaverse projects. The rise in online fraud and financial crimes necessitates stricter regulations and heightened vigilance among citizens and investors.
JoyChina forms a metaverse standardization group, including Tencent, Huawei, and others, to create rules for the Yuanverse platform. Aligned with the Web3 strategy, it aims to position China globally.
Huang BoChina, traditionally anti-crypto, is making waves in the metaverse with tech giants like Huawei and Tencent forming a consortium to set standards. This unexpected shift signals a strategic pivot, showcasing China's adaptability and positioning it at the forefront of metaverse innovation.
JoyChina forms metaverse working group led by MIIT, including industry giants, to set unified vision, standards, and embrace Web3. Regional initiatives highlight strategic positioning for technological leadership.
Xu LinThe publication has allocated around 390,000 for the development of its NFT platform and is welcoming blockchain specialists to participate in the project.
ClementThe plan highlights intentions to establish multiple industrial parks dedicated to the metaverse and foster the growth of at least 15 prominent metaverse companies.
BrianWith cryptocurrency trading banned across the country, the government's approach to crypto could inhibit its attempts to support Web3 businesses.
BeincryptoMeta has engaged Chinese software firm Tencent to distribute its Meta Quest VR headset despite Meta's Reality Labs losing 17% of revenue in Q4 last year.
BeincryptoRecently, the China Financial Information Center held an online press conference on the "White Paper on Financial Metaverse Research" (hereinafter referred to as the "White Paper"). The guests at the meeting described the future of the "Financial Metaverse".
FtftxOn November 1st, at the 4th China International Import Expo, Bank of China will take multiple measures to popularize the knowledge of digital renminbi: place it in many eye-catching places in the venue, post digital currency single pages and posters, let the basic knowledge of digital currency, open channels, How to use it is clear at a glance.
Cointelegraph
