THE DAILY ENCRYPT

October 3, 2022

Chinese Media Report Investors have Injected $780 Million in to Metaverse Development

According to reports, the Chinese metaverse industry has raised $780 million and is expected to grow to a $5.8 trillion industry in 2030....
metaverse
Photo by julien Tromeur

According to reports, the Chinese metaverse industry has raised $780 million and is expected to grow to a $5.8 trillion industry in 2030. There are currently 160,000 virtual human enterprises operating in China, and 20 cities or provinces in the country support the metaverse.

A local media report states that China’s metaverse industry has raised $780million (5.46 billion Yuan) in funding. The report also stated that there are approximately 20 cities or provinces that support the metaverse in addition to the 160,000 virtual Chinese human enterprises.

According to a report from the Chinese language news website, the market for China’s metaverse is expected to grow to $5.8 trillion in 2030. The report also stated that two Chinese companies, the internet giant 10cent as well as one of the nation’s most prominent video gaming companies Netease Yaotai, are competing for the metaverse and working together to create it.

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Tencent used AI to focus on cloud gaming

Tencent is said to be focused on integrating artificial intelligence (AI), with the real economy. Netease Yaotai, however, has focused on cloud gaming and AI in order to improve interactions in the virtual realm.

Key roles for metaverse companies

Wu Yunsheng (the company’s Cloud Vice-President) commented on Tencent’s achievements so far.

We will not distinguish between 2B or 2C in order to implement technology. The company’s metaverse technology can be used in applications in the 2B field (such a Baowu Steel) and in the C-side QQ metaverse. We will not be able to clearly demonstrate whether it’s 2B or 2C but we will only show the real value and convenience that our technology can provide for people’s lives as well as their production.

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Liu Bai, Netease Yaotai’s “person in control”, claimed that the company has a variety of activities and almost “100 types of personalized clothing” which will be used in in-depth simulations. Bai also described the key functions of metaverse companies. Bai stated that the most important positions in Metaverse businesses are R&D and product planning. Art is also an important position.

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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