China sets up a task force to develop the virtual universe Metaverse

Metaverse is a market with a lot of potential, but still remains untapped.

China's Ministry of Industry and Information Technology (MIIT) has just announced the establishment of a dedicated working group to develop common standards for the virtual universe ( Metaverse ).

MIIT said the new agency's main goal is to develop specific terminology and architecture for the nascent industry related to the Metaverse, as well as create basic industry standards.

The task force will include representatives from Chinese tech giants such as Huawei, Ant Group, Tencent, Baidu, NetEase and Sense Time…, as well as representatives from the government, research and training centers and various corporations.

Currently, there is no consensus on the definition of the Metaverse in the scientific, industrial, and research fields. The growing interest of businesses in the Metaverse has led to a rapid development of speculative activities in this field.

MIIT believes that the Metaverse field is at risk of developing spontaneously, deviating from its actual functions, hindering the development of the industry.

The Chinese government has previously expressed its willingness to encourage the development of non-fungible tokens (NFTs) and decentralized applications when approaching blockchain technology.

In 2021, MIIT released guidelines to accelerate the application of blockchain in industries without using cryptocurrencies.

In 2022, Chinese company Taiyi Group acquired social platform Huoxun to allow users to create digital collections and communities within the Metaverse.

However, Wuhan province (China) later removed NFT from the Web3 development plan due to the lack of certain regulations.

(by Bits)

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