Chinese Metaverse Industry Raises $780M in Funding – Metaverse Bitcoin News

The Chinese metaverse industry has reportedly raised around $780 million in funding, and there are expectations that this will grow into a $5.8 trillion industry by 2030. So far, there are 160,000 virtual human businesses in China, while 20 provinces or cities in the country reportedly support metaverse.

Develop the Metaverse

According to a local media report, China’s metaverse industry has raised $780 million (5.46 billion yuan) in funding. In addition to 160,000 “Chinese virtual human enterprises,” there are about 20 provinces or cities that already support the metaverse, the report added.

According to a report on the Chinese-language news website, the market size of China’s metaverse is also expected to grow to $5.8 trillion by 2030. Meanwhile, the report said two Chinese companies — Internet giant Tencent and one of the country’s leading video game companies Netease Yaotai — are competing and working to find ways to develop the metaverse.

While Tencent is reportedly focused on championing the integration of artificial intelligence (AI) with the real economy, Netease Yaotai has concentrated on using cloud gaming and AI to build a system that improves interactions in the virtual world.

Key departments in Metaverse companies

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

For the implementation of technology, we will not make a clear distinction 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 add to people’s lives and production.

On the other hand, Liu Bai, “responsible” at Netease Yaotai, claimed that his company has various types of activity scenarios and nearly “100 types of personalized clothing” that will be used for simulation depths. Bai also outlined what he sees as key departments in metaverse companies. He said, “The most important positions in Metaverse companies are R&D, product planning, and art.”

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Terence Zimwara

Terence Zimwara is a Zimbabwean award-winning journalist, writer and author. He has written extensively about the economic problems in some African countries, as well as how digital currencies can provide Africans with an escape route.