China has stated that standardization of the metaverse is an extremely important issue. For this reason, the Chinese authorities have established a special group consisting of gaming and technology giants such as Tencent, Huawei, Ant Group, and Baidu. Is the standardization of the metaverse in China a sign that the Middle Kingdom is seriously entering Web3?
Standardization of the metaverse as a way to accelerate the development of the industry in China?
Although the topic of the metaverse has recently become quiet due to the noise created by artificial intelligence, this industry is constantly developing. In recent months, Zuckerberg has presented a hyperrealistic version of the metaverse that is nothing like the wretched-looking avatars reminiscent of games from the 2000s. Zuckerberg's move was a kind of signal to the entire industry that the metaverse is a sector that is facing dynamic development.
China quickly noticed this progress, so the authorities of the Middle Kingdom decided to act. The country's most important industrial body announced the creation of a special working group, which included such technology giants as Huawei, Tencent, Baidu, NetEase, Sense Time and Ant Group.
The main goal of the group is to standardize the metaverse, i.e. develop standards such as metaverse terminology and reference architecture. Standardization will help the entire industry develop faster. MIIT, the Chinese Ministry of Industry and Information Technology, claims that standardization of the metaverse will create opportunities for cooperation and drive the development of the sector.
China is betting on NFTs, Web3 and the metaverse
Recent decisions by the Chinese authorities clearly show that the Middle Kingdom intends to support the development of Web3, NFT tokens and the metaverse. Last year, several local provincial governments committed to developing a metaverse industry. For example, Sichuan Province (southwestern China) announced that by 2025 the market size will be CNY 250 billion (USD 35.1 billion).
It is worth adding that China has huge potential for the development of Web3 and the Metaverse due to the presence of technology giants such as Huawei and Tencent. As for Tencent, it is a technology and investment and holding corporation that has shares in companies such as Riot Games and Epic Games, and Ma Huateng (CEO of the company) is considered one of the richest people in Asia.
