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Chinese Metaverse Industry Raises $780M in Funding: Report

05-Sep-2022 By: Divya Behl
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The Chinese metaverse industry has allegedly garnered over $780 million in funding and it is expected to expand to a $5.8 trillion industry by 2030.

So far, there are 160,000 virtual human firms in China, with 20 provinces or cities apparently supporting the metaverse.

According to a local media report, the market size of China's metaverse is expected to reach $5.8 trillion by 2030. Meanwhile, the report said that two Chinese businesses — internet behemoth Tencent and one of the country's major video game companies Netease Yaotai — are competing and striving to establish the metaverse.

While Tencent is said to be championing the integration of artificial intelligence (AI) with the real economy, Netease Yaotai has focused on integrating cloud gaming and AI to construct a system that improves interactions in the virtual world.

Wu Yunsheng, Tencent's Cloud Vice President, commented on the company's efforts so far:

“We will not discriminate between 2B and 2C while implementing technology. The company's metaverse technology has 2B application scenarios (such as Baowu Steel), and there are several efforts on the C-side QQ metaverse. As a result, when we arrive, we will not emphasize whether it is 2B or 2C, but rather what genuine value or ease our technology may offer to people's lives and production.”

On the other hand, Liu Bai, the CEO of Netease Yaotai, stated that his firm has a variety of activity scenarios as well as approximately 100 different kinds of tailored apparel that would be utilized for in-depth simulations. Bai also highlighted essential departments in metaverse businesses. According to him, “the most significant positions in Metaverse businesses are research and development, product planning, and art.”

Lastly, China has emerged rapidly in terms of digital technology, last week CoinGabbar reported that China has begun its next phase of CBDC testing with e-CNY payments for public transportation. Furthermore, the China Energy Administration (CEA) is also exploring the use of blockchain-based power trading platforms to promote energy exchange between self-contained power-producing units and state and national networks.

Read also: Iran's New Regulatory Framework Enables Crypto Miners to Operate Lawfully

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