China Joins Forces with Tech Luminaries to Promote Metaverse Industry, Creates New Working Committee

The Chinese MIIT has recently announced the creation of a collaborative group that includes members from governmental organizations, academic institutions, and significant technology enterprises like Huawei, Ant Group, Baidu, NetEase, and SenseTime. This group aims to facilitate standardization in the metaverse industry. MIIT This initiative is in line with China’s ambitions to nurture the metaverse sector while establishing foundational standards. Tencent The formation of this working group reflects the government’s goal to stimulate the growth of this emerging market. According to earlier reports from September, establishing fundamental standards—such as terminology and framework for the metaverse—will help unify perspectives among various stakeholders. official notice released on Friday.

A representative from MIIT remarked, 'This process reduces unnecessary investment expenses and fosters a collaborative environment to propel industrial advancements.'

The ministry pointed out that at present, there’s a lack of consensus among scholars, industry players, and research institutions regarding what constitutes the metaverse. The speculative actions of some investors and companies have diverted the concept from its practical implications, which, to some extent, stifles the evolution of the metaverse sector. document released by the MIIT This commitment includes promoting non-fungible tokens (NFTs) and decentralized applications (DApps) while embracing blockchain technology, even amid a national ban on local cryptocurrencies.

The documentation aims to clarify the pathway for the development of Web3. It addresses governmental and industrial matters, pushing for the enhancement of NFTs and DApps while fostering a digital ecosystem.

Last year, various regional governments expressed their intent to support the metaverse sector's growth. For instance, Sichuan, which used to be a crypto mining hotspot before the mining ban, announced its ambition to develop its metaverse industry, setting a market target of $35 billion by 2025.

China Embraces Blockchain Growth

China promotes the development of metaverse The local government outlined a comprehensive plan that includes the creation of metaverse-focused industrial parks and support for at least 15 metaverse startups. Specific proposals aim to bolster blockchain infrastructure, enhance privacy safeguards, and improve cross-chain oversight.

Recently, the MIIT expressed its intention to create strategy documents Shandong province also declared its plans to advance metaverse initiatives within its jurisdiction, aspiring to reach a market size of $22 billion by 2025. NFTs The latest announcement from MIIT underscores China's broader strategy to foster growth in the developing metaverse industry.

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Alisa, a passionate journalist at Cryptocurrencylistings, focuses on cryptocurrency, zero-knowledge proofs, investments, and the sprawling landscape of Web3. With an acute sensitivity to emerging trends and technologies, she provides in-depth insights to keep readers informed and engaged in the fast-paced world of digital finance.

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