The metaverse does not yet have a firm definition, but it most often refers to technologies such as virtual reality and the idea that people play and live in virtual worlds.
Although this is a relatively new idea and technology, development is taking place quite quickly, and it seems that some countries want to accelerate it even more.
The Chinese industrial body in charge of developing metaverse applications in the country has added a new group of companies, with the goal of faster development of the latest technological craze. 17 companies were added, and a total of 112, CNBC reports.
The latest series includes companies operating on the public stock exchange such as Inly Media, which operates in Shanghai, and Beijing Topnew Info & Tech, which operates in Shenzhen.
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The Chinese Mobile Communications Association is registered with the Ministry of Foreign Affairs and has the support of major technology companies such as Huawei and telecommunications operator China Mobile. The Metaverse Committee was established in October and is tasked with developing standards and technology around the metaverse.
China often sets up such committees around technologies it wants to quickly develop and take the lead. The establishment of a metaverse committee could also suggest that China wants to be a leader in this technology in development.
“Traditional Chinese internet companies first developed and then were regulated. Industries like the metaverse will be regulated at the same time as they grow, “Du Zhengping, head of the China Mobile Communications Association’s meta-versus industry committee, told Reuters in January.
Like the American technology giants, Chinese companies from Tencent to Alibaba are researching the development of metaverse applications. Analysts say China’s development of the metaverse is likely to be tightly regulated and unlikely to contain cryptocurrencies, which the authorities have strongly opposed.
