Recently, Beijing released the “Beijing Web3 Innovation Development White Paper (2023)”, which has generated significant interest within the industry.
The White Paper sees Web3, a modern scientific and technological culmination, as the inevitable trend for the future of the internet industry. It encompasses immersive interactive experiences and a fusion of virtual and physical realities.
This scope includes a blend of sensory experiences and economic activities in the physical and virtual world, covering the Metaverse and Web3.
According to Star Mine data from Cailian Press, 46 listed companies, including Wanxing Technology and Tianyu Digital Science, are already positioning themselves in the Web3 space.
The White Paper identifies generative artificial intelligence, XR interaction terminals, and content creation tool platforms as the research hotspots of the Web3 industry.
Technology giants domestically and globally, including Apple, Meta, Microsoft, Google, Nvidia, Baidu, ByteDance, and Tencent, have been actively positioning themselves and leading industry development.
New applications such as digital personas and digital collections are rapidly developing, with innovative entities exploring practical applications.
Yu Jiajing, Executive Director of the China Mobile Communications Federation Metaverse Industry Committee, believes that Web3 is the most critical new species of the next digital economic era.
The digital economy, a more advanced stage of economic development and a future global direction, becomes a critical mechanism for stabilizing economic growth and achieving economic recovery in the context of global economic downturn pressure.
Web3, according to Yu, is a new value internet system that not only inherits the previous internet ecosystem but also further upgrades it with the autonomy of personal data ownership. It will create application fields that were not present in Web1.0 and Web2.0. For instance, prototypes appearing in the Metaverse will rapidly develop in Web3.
Wang Zhiwu, CEO of Yuanjing Technology, believes that the value of Web3 lies in better meeting people’s needs, improving production efficiency, promoting economic development, and advancing social progress.
The development of Web3 will also bring more business opportunities and innovative spaces, providing more possibilities for corporate development.
In the view of Wang Zhiwu, the positioning of Web3 by Tianyu Digital Science is to understand better consumer needs through the application of new technologies such as artificial intelligence, improve the quality and efficiency of products and services, achieve digital transformation, and further enhance the core competitiveness of enterprises.
The regulatory landscape in China is poised to evolve as Web3 continues to mature. On the one hand, the government is likely to encourage Web3 applications aligning with its technological innovation, economic growth, and social development objectives. On the other hand, it will also aim to mitigate risks associated with data privacy, cybercrime, and financial stability.
In response, Chinese companies investing in Web3 technology must carefully navigate this balance between innovation and regulation. It’s expected that companies will need to collaborate closely with regulators, comply with applicable laws and regulations, and possibly contribute to the development of new standards and guidelines for Web3.
Furthermore, in the spirit of decentralization that underpins Web3, Chinese regulators may have to consider regulations that ensure fair competition, protect user rights, and prevent the concentration of power or resources.
China’s approach to Web3 regulation, like the technology itself, is still in the early stages of development. As Web3 technologies mature and their societal impact becomes more apparent, Chinese regulations will also need to evolve accordingly, shaping the future of the country’s digital economy.