Alibaba and Tencent have officially entered the world model arena with the release of their respective models, Happy Oyster and HY-World 2.0, on April 16. This marks a significant move by China's tech giants into a field that aims to enhance AI's understanding of the physical world. Concurrently, World Labs and AMI Labs have secured billion-dollar funding rounds, highlighting a global push towards developing AI capable of interacting with real-world environments. Despite the enthusiasm, the industry faces challenges due to ambiguous definitions of "world models," which encompass diverse technical approaches like 3D reconstruction and causal reasoning. The lack of technical standards has led to inconsistent evaluations, while unresolved issues such as data scarcity and physical accuracy persist. Moreover, the absence of robust accountability frameworks and ethical guidelines raises concerns about potential risks in applications like autonomous driving and industrial operations.