China’s Ministry of Industry and Information Technology (MIIT) announced on Monday its plans to establish industry standards for the metaverse sector, according to Reuters. In a draft proposal released on Monday, the ministry outlined its intention to create a working group dedicated to the metaverse. The proposal emphasized that the metaverse is one of nine emerging technology sectors for which China aims to develop comprehensive standards. It anticipates that the metaverse will stimulate numerous innovative business models, create fresh business opportunities, and contribute to the growth of the digital economy. Despite the hype around the metaverse as a prominent tech trend since 2021, there is currently no consensus on precisely what constitutes a metaverse, MIIT highlighted in its proposal. The lack of clear definitions within the metaverse industry has allowed certain individuals and businesses to drum up speculation, the MIIT said. The industry faces several challenges and needs to foster healthy and orderly growth through standardization and guidance, it added. [Reuters]