China Paves the Way: Metaverse Standardization Group Formed to Govern Yuanverse Rules!

China has announced the establishment of a metaverse standardization working group with the goal of formulating rules for the Yuanverse platform. The Ministry of Industry and Information Technology of China (MIIT) disclosed the creation of the working group, which will include Chinese universities and prominent companies such as Tencent, Huawei, Baidu, Netease, and Sense Time.

Metaverse Standardization Working Group:

• The Chinese government, through the MIIT, has initiated the Metaverse Standardization Working Group to define standards for metaverse platforms, specifically focusing on the development of the national metaverse platform known as Yuanverse.

Composition of the Group:

• The standardization group will comprise various entities, including Chinese universities and key companies in the tech industry such as Tencent, Huawei, Baidu, Netease, and Sense Time.

Establishing Rules for Yuanverse:

• The primary objective of the working group is to create rules governing the organization of metaverse platforms, particularly emphasizing the development and regulations of the Yuanverse platform.

Publicity Plan and Feedback:

• The proposal for the standardization group's plan is open for feedback until February 18. The initiative is driven by the perceived needs of industrial development and industry management in the metaverse space.

Web3 Strategy and Continued Development:

• The announcement aligns with China's Web3 strategy, showcasing the government's commitment to exploring and advancing blockchain and metaverse technologies. Despite a global decline in metaverse hype, China remains focused on becoming a leader in this emerging field.

Three-Year Plan for Metaverse Development:

• In September, four ministries, along with the MIIT, unveiled a three-year plan aimed at accelerating the growth of metaverse initiatives in China. The plan anticipates significant breakthroughs in metaverse technology, industry, and applications by 2025.

Global Metaverse Hub Aspiration:

• China's strategic investments and initiatives in the metaverse sector are expected to position the nation as a global hub for metaverse development, surpassing developments in the Western world.

As China intensifies its focus on the metaverse, the establishment of a standardization working group reflects its commitment to shaping the regulatory landscape and fostering the growth of the metaverse industry within the country.