The Chinese Ministry of Industry and Information Technology announced on Monday that it will establish a working group to develop standards for the metaverse sector as Beijing aims to become a global leader in setting standards for emerging technologies.
The ministry released a draft proposal on Monday to form a working group for the Common Virtual Worlds (or Metaverse) that can be accessed online.
The proposal stated that the metaverse is one of the nine emerging technology sectors that China should actively seek to standardize.
Common Virtual Worlds have become one of the most significant technology trends since 2021, but there is still no consensus on what can be classified as part of the metaverse in virtual reality, a challenge highlighted by the Ministry of Industry and Information Technology in the proposal.
The ministry stated, “The (metaverse industry) faces many challenges, and it is necessary to promote the healthy and organized development of the metaverse industry through standardization and guidance.”
It added that the common virtual worlds industry lacks clear definitions, allowing some capitalists and companies to speculate in the market.
The Ministry of Industry and Information Technology described common virtual worlds as “an integrated innovation that combines various advanced technologies.”
It stated that this transformation will spur many innovative business models, new business opportunities, and digital economic growth.
However, Meta, a company that has been a prominent advocate for emerging technology, reported revenues of $276 million from the sale of virtual reality and augmented reality products and services during the second quarter of this year, while in the same quarter, it recorded losses of around $3.7 billion for the metaverse sector.
