According to reports, the Chinese metaverse market has generated around $780 million in investments, and by 2030, it is predicted to be worth $5.8 trillion.
The Race to Develop the Metaverse
The Metaverse has gained popularity in China recently, opening up a wide range of novel and attractive commercial options. 16,000 trademark applications connected to the metaverse suggest that Chinese players are prepared to enter the virtual world.
A local news source states that China’s metaverse sector has raised $780 million (5.46 billion yuan) in funding. The report anticipates that by 2030, the Chinese metaverse will have a market value of $5.8 trillion.
Reportedly, around 500 businesses are working on metaverse creation in China. Tech giants such as Tencent, NetEase, ByteDance, Alibaba, and Baidu are expected to influence the metaverse industry development in the country. For example, Tencent owns 40% of Epic Games (the developer of Fortnite), which is in the vanguard of metaverse development.
The metaverse applications that attract the most interest from Chinese businesses and consumers involve gaming, social networking, and e-commerce. Live events and workplace collaboration will become more popular as the concept develops and the underlying technology advances.
Following the development of the metaverse, Chinese authorities are imposing regulations. In May 2022, the state-backed China Computer Industry Association founded a metaverse committee called The Metaverse Industry Professional Committee.
The committee will draft the industry standards, help authorities create industry roadmaps, set up funds to support start-ups, and explore use cases in manufacturing, commerce, tourism, healthcare, and education.
On the Flipside
- China imposes strict regulations on user-generated content. It has in the past hindered the development of metaverse platforms like Roblox, which let users design experiences.
- Companies will probably have to turn to already-existing intellectual property, such as movies and video games that have received government approval.
Why You Should Care
Chinese Big Tech and prominent start-ups have the enabling technologies, established consumer bases, and notable global partnerships to build metaverse platforms and experiences.