China's Tech Giants Unite for Metaverse Standardization

China's Metaverse Consortium, comprising tech giants Huawei, Tencent, and Ant Group, aims to set industry standards. The Ministry of Industry and Information Technology (MIIT) leads the initiative, emphasizing the need for consensus on metaverse terminology and architecture.

Establishment of Metaverse Task Force

A working group, announced by MIIT, includes government, academia, and industry representatives. Members feature leading tech companies like Huawei, Tencent, Ant Group, Baidu, NetEase, and Sense Time.

Drive for Standardization

The task force aligns with China's goal to establish metaverse industry standards, reducing redundant costs. MIIT addresses the lack of consensus among academia, industry, and research sectors on metaverse concepts, highlighting the impact of speculation on hindering industry growth.

China's Commitment Beyond Cryptocurrency Ban

Despite cryptocurrency bans, China actively supports non-fungible tokens (NFTs) and decentralized applications. MIIT plans strategic documents outlining Web3 development, showcasing a commitment to blockchain.

Provincial Initiatives for Metaverse Growth

Provinces like Sichuan and Shandong are investing in the metaverse. Sichuan aims for a 250 billion yuan market by 2025, while Shandong projects a 150 billion yuan market. These regional efforts reflect China's commitment to metaverse expansion.

Meta's Shift Towards Artificial Intelligence

Meta (formerly Facebook) undergoes a strategic shift, prioritizing artificial intelligence (AI) over the metaverse. CEO Mark Zuckerberg outlines plans to enhance AI research groups, emphasizing "general intelligence" technology. Despite the shift, Zuckerberg envisions AI and the metaverse remaining interconnected in Meta's long-term vision.