State-backed China Mobile launched the Metaverse Alliance to strengthen cooperation between companies building in the industry.
Local media Shanghai Securities News report On June 28, it announced that the new partnership would also include Chinese tech giants like Xiaomi (NASDAQ: XIACY), Huawei, Unity China, Xunfei. The 24 founding members are drawn from companies experimenting with creating blockchain, virtual reality and metaverse content.
A key objective of the partnership, according to the report, is to improve the state of Metaverse development in China, especially in the private sector. The partnership aims to achieve that lofty ambition by creating an investment fund that will help companies build innovative solutions.
The official announcement announced that Liu Xin, general manager of Mitani Culture, will be appointed as the chief secretary of the alliance. Singh revealed that the partnership will take three approaches to achieving its objectives, the first two being “standard co-building” and “resource sharing.”
A final approach is to develop a “win-win” concept in which alliance members share in the dividends of the metaverse industry.
“The establishment of the Metaverse Industry Alliance led by China Mobile will provide useful ideas and references for promoting innovation and development of the Metaverse,[s] It is a good opportunity to strengthen industry exchanges and cooperation,” said Wen Ku, chairman of the China Telecommunications Standards Association.
Metaverse development has exploded exponentially since China banned digital currencies altogether. Several Chinese cities, including Shanghai and Beijing, have announced metaverse strategies aimed at creating jobs and improving conditions in the tourism sector.
Nanjing was the latest to join the Metaverse craze, announcing a three-year plan to attract industry key players to the city.
private sector slump
Enthusiasm among private companies dabbling in the Metaverse has waned lately, a fact underscored by the fortunes of Chinese tech giants Baidu and Tencent.
In February, it was reported that Tencent intended to put an end to its Metaverse ambitions through “personnel changes” in its augmented reality division. Baidu’s metaverse ambitions suffered a similar fate, as executives argued that “it would be difficult to find a good business model for the metaverse business in the short term.”
meta (NASDAQ: Meta) and Microsoft (Nasdaq: MSFT) has struggled financially since it focused on developing the Metaverse, and the government has taken up the challenge to encourage innovation.
Watch: The Metaverse Will Change The World As We Know It: Derek Hogenkamp
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