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China’s newly formed Metaverse Industry Committee announced on Wednesday that 17 companies have joined the group. With the initiative to “support the healthy, orderly, and sustainable growth of the metaverse.”
China tries to become the global epicenter of the new digital frenzy. Indeed, local governments and state-backed institutions are pouring money into enterprises involved in it.
China Mobile, the state-owned telecommunications company, launched the committee in October. Purpose was to allow companies to propose new laws, policies, and initiatives. It’s one of a number of efforts involving state entities and local politicians looking to invest in digital enterprises.
Western behemoths such as Facebook’s parent firm Meta and Microsoft have already staked multibillion-dollar sums on the development of technology that support hyper-realistic virtual worlds populated by avatars, seeing this as the next step in the internet’s evolution.
Rush to trademark registration.
In recent months, major Chinese Internet businesses like as Tencent, Baidu, and Alibaba Group registered trademarks linked to the metaverse. In the hopes of dominating what Morgan Stanley estimates could become a $8 billion sector in China alone.
Because the metaverse is not yet well-defined, Chenyu Cui, a Shanghai-based gaming analyst at Omdia Research Group, believes it might serve as a vehicle for local enterprises and governments eager to be a part of the next technological revolution.
Cui explained; “The notion is so wide that any corporation may get into the metaverse, even if they have nothing to do with it.” “Entertainment companies, medical companies, and chemical corporations have all branded themselves as metaverse companies”. She went on to say that the metaverse branding helps startups attract investors and public corporations raise their stock values.
Analysts suggest that because “metaverse” has become a catch-all term for any science or technology enterprise. Thus, local officials can take advantage of it when political objectives shift.