A Chinese industry body designed to develop the country’s Metaverse Application has added several new companies and the latest technological advances.
The Metaverse still doesn’t have a solid definition, but it often refers to technologies such as virtual reality and the idea that people might play and live in virtual worlds.
On Wednesday, February 16, 2022, the state-backed China Mobile Communications Association metaverse committee added 17 companies. A total of 112 companies or individuals are in industry bodies.
Chinese Companies to Develop Metaverse Application
Joining companies include publicly traded companies such as Inly Media, which trades in Shanghai, and Beijing Top New Info & Tech, which trades in Shenzhen.
The China Mobile Communications Association is registered with the country’s foreign ministry and is backed by big tech companies such as Huawei and telecom operator China Mobile.
Its metaverse committee was formed last October and is tasked with developing standards and technologies around the Metaverse. The formation of a metaverse committee could also show that China wants to regulate technology as it develops.
“Traditional Chinese internet business thrives first and then gets regulated. Industries like the Metaverse will be regulated as it builds,” Du Zhengping, head of the China Mobile Communications Association’s Metaverse industry committee, told Reuters in January. As quoted from CNBC, Thursday (17/2/2022).
Like US tech giants, Chinese companies from Tencent to Alibaba are all exploring metaverse app development. However, analysts say China’s Metaverse development is likely to be highly regulated and unlikely to feature cryptocurrencies, which authorities have opposed.