The Strategist

China sets to conquer metaverses

02/15/2022 - 08:10

The biggest Chinese tech firms have started to invest in metaverses.

CNBC reports on a new technique of making money in China. Governmental censorship, state regulation of the technology industry, and the war against cryptocurrencies will decide the characteristics of Chinese meta-villages.

A metaverse is a permanent virtual realm where people can interact utilizing virtual reality headsets and glasses.

Many analysts predict that there will be no single metaworld and that software developers would profit from creation of various virtual worlds.

Morgan Stanley estimates that China's metaworld market might be worth 52 trillion yuan (about $8 trillion). Tencent, NetEase, ByteDance (owner of TikTok), Alibaba, and Baidu are all planning to invest heavily in this area. Official documents, such as Shanghai's five-year plan for the development of the IT industry, make mention of a metaverse.