China Mobile Launches Metaverse Industrial Alliance with Xiaomi, Huawei

China Mobile telecom company announced the launch of a metaverse industry alliance that includes 24 tech companies in principle.

During the 2023 Shanghai World Mobile Communications Conference, China Mobile’s metaverse industry alliance includes tech companies that deal with technologies of blockchain and metaverse, such as Huawei, HKUST Xunfei, Xiaomi, Mango TV, and others in the first batch, according to Coin Geek.

The alliance will focus on the four directions of metaverse content production, XR terminals, key technologies, and computing power networks to complement each other.

The alliance will also establish a Metaverse Investment Promotion Center, which will offer financing services for members of the alliance and provide fund support for outstanding metaverse projects and technologies.

In this regard, Wen Ku, the head of the China Communications Standards Association said: “The establishment of the Metaverse Industry Alliance led by China Mobile provided useful ideas and references for promoting the technological innovation and development of the Metaverse, and provide[s] good opportunities for strengthening industry exchanges and cooperation.”

It is noticeable that China is taking progressive steps towards the development of the Web3 industry and metaverse and this could be noticed through several related initiatives from different Chinese provinces.

Earlier a February report by South Korea’s Korean Intellectual Property Office revealed that China is number 2 globally in terms of metaverse-related patents, following the United States, China Daily Hong Kong reported.

As many as 14,291 metaverse-related patents were filed in China from 2011 to 2022, accounting for 30% of the global metaverse-related patents, compared to the US, which recorded 17,293 applications, accounting for 36% of the global patents.

Moreover, according to a new report, the metaverse industry in China is flourishing as it is expected to hike by about 40% this year.

Research and Market, the world’s largest market research store, said the metaverse industry in China is predicted to increase by 39.5% on an annual basis to reach $1,06,102.8 million in 2023, a matter which shows the significant growth of the metaverse in the Asian country.