China Continues to Invest in Metaverse Transition
The Chinese metaverse industry has reportedly raised about $780 million in funding and there are expectations this will grow to be a $5.8 trillion industry by 2030. So far there are 160,000 virtual human enterprises in China while 20 provinces or cities in the country are reportedly supporting the metaverse.
With the promise of growing to a $5.8 trillion industry by 2030, China’s metaverse industry has already raised $780 million (5.46 billion yuan) in funds.
According to local Chinese news, the country counts 160,000 “virtual human enterprises” while a growing portion of provinces and cities, around 20, are already supporting the metaverse.
Leading the country’s metaverse transition are reportedly internet giant Tencent and leading video gaming companies Netease Yaotai.
Tencent’s efforts are reportedly centered on integrating of artificial intelligence (AI) with the country’s economy. Netease Yaotai is developing a system that should enhance virtual world interactions with the use of cloud gaming and AI
Tencent is currently exploring multiple scenarios, the company Cloud Vice President, Wu Yunsheng, said without yet confirming a direction. He added that application depends on the benefits:
“We will have to see what real value or convenience our technology can bring to people’s life and production.”
Netease Yaotai’s Liu Bai said to be running in-depth simulations as he outlined the key department in metaverse operations to be R&D, product planning, and art.
In July, China’s business capital Shanghai announced it is investing in a $52 billion metaverse industry by the end of 2025 with plans to significantly boost its metaverse and tech industry, including 10 billion yuan funding for metaverse development.
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Source: igaming
