Booming metaverse sector needs better oversight

Accelerated steps are needed from China to supervise the over-hyped metaverse sector to avoid equity bubbles and promote the integration of the metaverse with the real economy for healthy development, according to industry experts.

They made the comments as a series of problems have appeared regarding the metaverse, including real estate speculation, virtual currency scams and copyright disputes, after the metaverse－which aims to combine virtual and real worlds through vanguard technologies－has become increasingly popular both at home and abroad.

"China needs to remain on high alert against financial speculators trying to cash in on the metaverse craze, not least because such actions could disrupt the efficient allocation of resources, hinder the cultivation of talent and harm industries," said Sun Jiashan, a researcher with the Chinese National Academy of Arts.