Chinese tech giants metaverseIt starts to invest in . Censorship is rampant and regulations are likely to become tighter as Beijing continues to closely scrutinize the activities of domestic tech companies.
Chinese Tech Giants Could Pioneer the $8 Trillion Metaverse Market
In a report released last month, Morgan Stanley stated that the total addressable market for the metaverse in China could be 52 trillion yuan, or about $8 trillion. Companies such as Tencent, NetEase, TikTok owner ByteDance and Alibaba can be pioneers in this regard among China’s technology companies.
It is very popular in our country. Tencentis also considered the world’s largest gaming company with a strong portfolio of PC and mobile games. Tencent also owns WeChat, a messaging service with over a billion users for the social media aspects. Speaking during an earnings call in November, Tencent CEO Pony Ma stated that the metaverse would be an opportunity to add growth to existing industries like games.
ByteDance, on the other hand, decided to aggressively expand into the gaming industry last year. In August, the company acquired virtual reality headset maker Pico. ByteDance also has the short-form video app TikTok and the Chinese equivalent of Douyin. The Beijing-based company laid the foundations for VR, social networking and games.
Investors Pay Millions for Real Estate on Metaverse
Ali Dadstated that it plans to roll out augmented reality glasses for virtual meetings this year. Augmented reality is a technology that expresses virtual images that cover the real world.
This development can be offered as a game on the metaverse. NetEase, one of China’s gaming giants, set up a facility focused on developing metaverse apps in the southern province of Hainan last year, according to local media reports. The e-commerce giant has launched a “virtual influencer” called Dong Dong for the Winter Olympics in Beijing. The digital avatar can be found on Alibaba’s Taobao shopping app, providing factual information about the Olympics and advertising Olympic-related items.
There are now signs that China’s biggest tech names are starting to experiment and lay the groundwork for future applications. Even Chinese cities and regions are looking for opportunities for the metaverse. Last year, the great city of Shanghai mentioned the metaverse in its five-year development plan for the information technology industry.
Currently, some metaverse applications can rely on cryptocurrencies. If you buy some type of land or virtual goods, you can pay with digital currency. This could spell trouble in China, where the government is trying to ban trading and ‘so-called’ cryptocurrency mining.
Meanwhile, the government continues to introduce its own central bank-issued digital currency, the digital yuan, or e-CNY.
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