January 25, 2024
By Sharan Kaur Phillora
China is forging ahead in the digital realm by establishing the Metaverse Standardization Working Group, a significant step in shaping the future of its virtual shared space, dubbed the ‘Yuanverse’. Announced by the Ministry of Industry and Information Technology (MIIT), this group is a coalition of Chinese universities, government institutions, and tech behemoths such as Tencent, Huawei, Baidu, Netease, and Sense Time.
Here’s what we know:
This initiative, part of China’s broader Web3 strategy, focuses on developing and implementing standards for a Chinese metaverse platform. The group aims to ensure a structured and secure environment for metaverse users by creating clear guidelines. The MIIT’s move indicates China’s commitment to leading the digital sector, particularly in technologies like blockchain and metaverse. The feedback period for the group’s proposal is open until February 18, highlighting the collaborative effort in establishing these standards.
In September, the MIIT and other ministries released a three-year action plan targeting significant advancements in metaverse technology by 2025. This ambitious goal is to position China as a dominant force in the digital economy, focusing on industrial and governmental applications of metaverse technology. The plan also envisions nurturing three to five globally influential ecological enterprises, creating new business ventures and models in consumer and public service sectors.
Experts believe these initiatives will rapidly accelerate the development of China’s metaverse industry, potentially establishing the nation as a global hub for metaverse technology. The government’s focus and investment in this emerging field could lead Chinese companies and institutions to surpass Western advancements in the sector.
The formation of the Metaverse Standardization Working Group and the nation’s Web3 strategy underscores China’s ambition to be at the forefront of metaverse development. By setting standards and driving research and development, China is laying the groundwork for a robust and influential Chinese metaverse industry, further solidifying its position as a leader in the global digital landscape.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
