China’s Ministry of Industry and Information Technology (MIIT) has established a working group to develop standards for the metaverse, a virtual reality concept that is gaining momentum in the tech industry.

The MIIT’s metaverse working group, consisting of government officials and representatives from prominent Chinese tech companies such as Huawei, Ant Group, ZET, and Tencent, aims to address the growing need for industry standards in this emerging field.

This initiative comes as China continues to prioritize technological advancements and industry growth, with a focus on fostering innovation and ensuring the orderly development of the metaverse sector.

While the specifics of the working group’s focus are yet to be disclosed, public feedback on the selection of its members is welcomed until Feb. 18.

China has been actively exploring the establishment of metaverse standards to address the challenges and uncertainties surrounding this dynamic technology. The government’s goal is to provide clear definitions and guidelines to promote a healthy and regulated metaverse industry.

Analysts from JPMorgan suggest that Chinese tech stocks, including major players like Tencent, NetEase, and Bilibili, stand to benefit from the potential growth of the metaverse market in China. Other companies, such as China Mobile, Sony, and Agora, could also experience positive impacts from the adoption of metaverse technology in the country.

As the metaverse continues to evolve and gain traction, it presents new opportunities for innovation and growth in the tech industry. Stay tuned for more updates and insights on the latest developments in the metaverse space on Global Crypto News.

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