China's Ministry of Industry and Information Technology (MIIT) has initiated a working group to drive standardization in the burgeoning metaverse sector, aiming to foster growth in the industry. Formed in collaboration with representatives from government, academia, and corporations, the group includes major tech players such as Huawei, Ant Group, Tencent, Baidu, NetEase, and Sense Time. The move aligns with the country's ambition to set industrial standards, encompassing metaverse terminology and reference architecture. The MIIT emphasizes the importance of consensus among stakeholders to reduce redundant investment costs and create a collaborative force for industrial development.
Despite China's cryptocurrency ban, the MIIT expressed its commitment to promoting blockchain technology. In December 2023, the ministry announced plans to formulate strategy documents clarifying the development path of Web3. Several local governments, including Sichuan and Shandong provinces, have also pledged to boost the metaverse industry, with Sichuan aiming for a market size of $35 billion by 2025 and Shandong targeting $21 billion in the same timeframe. The MIIT underscores the need to encourage non-fungible tokens and decentralized applications, recognizing the potential of blockchain technology even within the constraints of the cryptocurrency ban.