As the Metaverse frenzy continues, China strengthens its research and regulatory capabilities
China will establish a new committee that focuses on Metaverse development via public-private arrangements to strengthen its Metaverse regulations this June, according to sources familiar with the matter.
The unit, dubbed Metaverse Working Committee of China Electronics Standardization Association, will research crucial metaverse organizations, draft industry standards and policies, and help relevant authorities create industry road maps. It will also organize innovative technology and application competitions.
The committee counts 150 firms from both public and private sectors as founding members, including Huawei, Tencent, NetEase, ZTE, WeBank, Lenovo Research Shanghai, Wanxiang Group, State Grid Blockchain, and other tech players. China Electronics Standardisation Institute will be the governing unit.
This is the second unit that China’s Ministry of Industry and Information Technology has approved, following the inception of the Metaverse Industry Committee in October last year. This February, the state-backed Industry Committee admitted 17 new firms.
In recent years, the Metaverse frenzy has surged. More than 1,000 companies, including Alibaba and Tencent, have applied for around 10,000 metaverse-related trademarks, according to business tracking firm Tianyancha.
Nevertheless, with few concrete developments being made, the Metaverse frenzy has sparked conjecture that it is nothing but some hot air.