A Chinese industry body designed to develop metaverse apps has recently added a bunch of new companies to fuel the latest tech.
According to CNBC, the metaverse committee of the China 16 added another 17 companies, bringing the total to 112 companies or individuals in the industry body. Metaverse doesn’t currently have a definite definition, but it usually refers to technologies like virtual reality, along with the idea that people can play and live in that world.
The latest batch of members includes publicly listed companies such as Shanghai-based Inly Media, and Shenzhen-traded Beijing Topnew Info & Tech. China Mobile Communications Association is registered with the Ministry of Foreign Affairs of China. The association is supported by major technology companies such as Huawei and telecom operator China Mobile.
The China Mobile Communications Association’s metaverse committee, established in October 2021, is tasked with developing standards and technologies around the metaverse. Normally, China would form such special groups on the type of technology it wants to develop quickly and lead, such as blockchain.
The formation of the metaverse committee may also indicate that China is looking to regulate the technology as it develops. “Traditional Chinese internet businesses are first developed and then managed. Industries like the metaverse will also be regulated once they are built,” Du Zhengping, head of the metaverse committee of the China Mobile Communications Association, told Reuters in January 2022.
Like the US tech giants, big Chinese tech firms from Tencent to Alibaba are all exploring and developing metaverse applications. However, analysts say that China’s development of the metaverse is likely to be highly regulated and unlikely to use cryptocurrencies in transactions.