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China Furthers Efforts to Shape the MetaverseFindings by US political media outlet POLITICO suggest that Chinese authorities and state-owned companies are seeking to mold the metaverse in line with existing systems in China such as the country’s social credit scoring system.The concept of the metaverse entails a network of interconnected immersive virtual worlds powered by virtual reality, augmented reality, and simulations. Development in this area is centered around applications such as online gaming and virtual events.Photo by Hanson Lu on UnsplashDigital Identity SystemIn a report published on Sunday, POLITICO referenced recently drafted proposals put forward by China Mobile, a state-owned telecoms operator. The proposals outline a “Digital Identity System” for users within online virtual worlds and metaverses.These proposals recommend the use of “natural characteristics” and “social characteristics” within digital IDs, encompassing personal data such as occupation, “identifiable signs,” and other attributes. Moreover, they suggest storing this information “permanently” and sharing it with law enforcement to ensure order and safety within the virtual realm.Setting agreed benchmarks for emerging techThe proposals present a hypothetical scenario involving a disruptive user named Tom, who causes turmoil in the metaverse. The digital identity system, according to these proposals, would facilitate prompt identification and punishment by law enforcement.These discussions are occurring within the framework of the International Telecommunication Union (ITU), a United Nations (UN) agency responsible for establishing global technology standards. This strategy echoes China’s endeavor to set worldwide benchmarks for emerging technologies.The ITU, as a UN agency, holds significant sway in defining global telecommunications and technology infrastructure standards. Given that the US and China have quite different outlooks when it comes to technology governance, particularly the future development of the internet and related technologies, the ITU has become a means through which common ground can be found and differences resolved.Upcoming vote on proposalsChina Mobile’s proposals, presented during the ITU’s metaverse focus group meeting, are poised to be voted on during the next meeting in October in Geneva. The company is the largest mobile operator by subscriber base. Demonstrative of ongoing tensions that exist between the US and China, the company was delisted from the New York Stock Exchange in 2021 following a US executive order.Chinese organizations are reportedly submitting more proposals than their Western counterparts, demonstrating that China is very much taking a lead in metaverse development. It’s evident that there is a clear strategy for China to establish itself in furthering this technology.In May, Alibaba Cloud, a subsidiary of Chinese e-commerce giant Alibaba Group, entered into a partnership with layer one blockchain Avalanche to better enable businesses to deploy metaverses. Around the same time, an administrative body within China’s Henan Province established a $22 million dollar investment fund, focused on financing metaverse-related ventures.Later that month, the city of Zhengzhou announced a set of policy proposals designed to support the growth and development of metaverse companies in the region.Within the Chinese autonomous territory of Hong Kong too, there has been plenty of metaverse-related activity. Metaverse start-up Artifact Labs completed a funding round with a view towards expanding its operations. The city is home to Animoca Brands, a prominent player in metaverse-related development.

Korea’s Busan City to Develop Blockchain-Based Carbon Neutrality PlatformBusan Metropolitan City, known for being home to South Korea’s largest port, announced today that its consortium won the bid for the 2023 new local energy facilitation project offered by the Korea Energy Agency, an organization under the Ministry of Trade, Industry, and Energy (MOTIE). The consortium consists of five entities, including Busan City, tech solution provider Nuri Flex, and gas distributor Busan City Gas. As the winning bidder, Busan City and its collaborators will proceed with the development of a blockchain-based platform that promotes carbon neutrality.Photo by BERK OZDEMIR on PexelsCarbon neutralityThe primary aim of this project is to create a system that leverages surplus renewable energy to achieve carbon neutrality in the city’s port and industrial infrastructure. The initiative includes providing eco-friendly renewable energy to port and industrial facilities, establishing a blockchain-based carbon credit system to support businesses in joining the global corporate renewable energy initiative RE100, and facilitating the trading of surplus electricity. These measures are intended to save energy, enhance power system stability, and create greater value.Boosting green energy proportionThe project is set to take place from June 2023 to December 2024, with an estimated cost of 3 billion KRW ($2.3 million). The national and local governments will each finance 25% of the project, while the private sector will cover the remaining 50%. Upon completion of the project, Busan aims to increase the proportion of renewable energy within the city. Leveraging surplus energy and engaging in carbon credit trading, Busan expects to gain a competitive edge in the carbon-neutral sector.

State-Owned Newspaper to Launch NFT Platform in ChinaChinese government-owned media outlet China Daily, under the guidance of the Publicity Department of the Chinese Communist Party, has allocated a substantial budget of 2.813 million yuan (equivalent to $390,000) for the development of an NFT platform.Photo by Hanson Lu on UnsplashInviting bids from home and abroadThe move will open the door to both domestic and international blockchain technology firms, inviting them to spearhead the creation of the platform. According to a public tendering announcement published last month, the chosen firm must operate on a blockchain mainnet capable of handling over 10,000 transactions per second, ensuring top-notch performance and reliability.One of the platform’s key features will be its user-friendly interface, allowing users to effortlessly upload, display, and manage their digital collections. It will support a wide range of multimedia formats and diverse collection types, making it a versatile hub for creative expression. Additionally, the platform will offer advanced functionalities like pricing, bidding, limited-time offers, and multi-currency settlement to ensure a comprehensive and satisfying user experience.Extending the reach of Chinese cultureThe core objective of the China Daily NFT Platform is to amplify the global influence of Chinese culture by seamlessly blending technology and culture in the metaverse. This ambitious strategy integrates cutting-edge technologies such as virtual reality (VR), augmented reality (AR), mixed reality, blockchain, non-fungible tokens (NFTs), big data, and cloud computing.In an effort to expand the global reach of their digital collections, China Daily intends to collaborate with both domestic and international mainstream NFT platforms. This ambitious plan includes partnerships with well-known foreign platforms such as OpenSea, Rarible, SuperRare, and Foundation. Despite the rigorous regulatory landscape and scrutiny that blockchain entities face in China, this approach aims to make Chinese digital collections more accessible to a global audience.The urgency and importance attached to this project are evident in the tight timeline set by China Daily. The chosen contractor must submit their application by October 17 and complete the development of the platform within three months, highlighting the publication’s commitment to this venture.NFT platform development despite crypto banHowever, it’s important to acknowledge that this initiative unfolds within the backdrop of stringent cryptocurrency regulations in China. Since 2021, although NFTs have not been banned, all forms of cryptocurrency transactions have been prohibited in the country, and blockchain entities operating within China face intense regulatory oversight.In May the Supreme People’s Procuratorate of China issued a warning relative to NFTs on the basis that they have crypto-like properties. However, the agency also acknowledged that NFTs do present a novel application of blockchain technology.Recent events, including the detention of former China Evergrande executives Xia Haijun and Pan Darong for alleged involvement in fraudulent activities, underscore the strict regulatory environment prevailing in China.Within the Chinese autonomous territory of Hong Kong, the South China Morning Post (SCMP) spun out Artifact Labs, an NFT company, following an initial decision in 2021 to launch an NFT standard called artifact.China Daily’s foray into the NFT space demonstrates that some facets of blockchain innovation are being leveraged within China, in this instance with a view towards cultural promotion and global engagement.