The Chinese government, in collaboration with the country’s leading tech giants, is taking steps to bring clarity to the metaverse space.
On Friday, Jan. 19, China’s Ministry of Industry and Information Technology (MIIT) announced the formation of a working group comprised of representatives from government, academia, and companies for metaverse developments.
Acknowledging the current lack of consensus in the industry and research sectors regarding the definition of the metaverse, the ministry plans to conduct studies for a clearer framework.
The aim is to prevent unnecessary financial investments into overhyped promises and to establish a well-defined architecture that can serve as a reference for the industry.
The working group includes members from prominent Chinese tech giants such as Huawei, Ant Group, Tencent, Baidu, NetEase, and Sense Time.
This collaboration is intended to reduce superfluous investment costs and foster a united effort to propel industrial development.
The rampant speculation, driven by capital and businesses capitalizing on the metaverse’s popularity, has detracted from its practical value, hindering the industry’s development.
The group aims to address this issue and lay a more informed and robust foundation.
Additionally, in a document published in December, MIIT stated its intention to develop strategy documents to define the concepts and developmental pathway for the Web3 industry.
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