Funding for the Chinese Metaverse Industry Amounts to $780 Million

According to reports, the Chinese metaverse market has generated around $780 million in investment, and by 2030, it is predicted to be worth $5.8 trillion. In China, there are currently 160,000 virtual human businesses, and the metaverse is supposedly supported in 20 of the nation’s provinces or cities. Funding for the Chinese Metaverse Industry Amounts to $780 Million

The creation of the Metaverse

China’s metaverse sector has reportedly raised $780 million (5.46 billion yuan) in finance, according to local media reports. About 20 provinces or cities, in addition to 160,000 “Chinese virtual human enterprises,” are already providing support for the metaverse, the paper said.

Additionally, according to a report on the Chinese language news website, it is anticipated that the Chinese metaverse’s market could reach $5.8 trillion by 2030. Meanwhile, the report stated two Chinese companies — the internet behemoth Tencent and one of the country’s major video gaming companies Netease Yaotai — are competing and seeking to find ways to build the metaverse.

Netease Yaotai has focused on combining cloud gaming and AI to create a system that improves interactions in the virtual world, whereas Tencent is supposedly promoting the integration of artificial intelligence (AI) with the real economy.

Important Divisions in Metaverse Companies
Wu Yunsheng, the company’s vice president for cloud services, commented on Tencent’s efforts to date;

Key Departments in Metaverse Companies

Commenting on Tencent’s efforts thus far, Wu Yunsheng, the company’s Cloud Vice President said:

For the implementation of technology, we will not clearly distinguish between 2B and 2C. The company’s metaverse technology has application scenarios in the 2B field (such as Baowu Steel), and there are also many attempts in the C-side QQ metaverse. Therefore, when we land, we will not strongly demonstrate whether it is 2B or 2C, but will only see what real value or convenience our technology can bring to people’s lives and production.

The “person in command” at Netease Yaotai, Liu Bai, on the other hand, asserted that his organization has a variety of activity scenarios and close to “100 kinds of customised apparel” that will be used for in-depth simulations. Additionally, Bai listed the major divisions he believes metaverse businesses should have. “Product planning, R&D, and art are the most crucial positions in Metaverse companies,” he declared.

Clarisa Curiel

ByClarisa Curiel

Since 2010, Clarisa Curiel has started publishing articles about technology. She has expertise in wearable electronics, smart home technologies, and iOS and Apple products. Contributed monthly tech columns to various magazines, as well as articles for more diversified publications. She has also written for Wareable and PC World. Clarisa holds a graduate in Computer Science from the Georgia Institute of Technology. Also has been an active member of the cryptocurrency community since 2017. She has a passion for Bitcoin, open-source code, and decentralized applications.

Leave a Reply