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

Chinese industry’s metaverse has raised approximately $780million in funding. It is anticipated that this industry will reach $5.8 Trillion by 2030. There are currently 160,000 virtual enterprises and 20 cities supporting the metaverse in China.

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 are already supporting the metaverse, the report added.

Also, as per a report on the Chinese language news site, there are expectations that the market size of China’s metaverse would grow to $5.8 trillion by 2030. Meanwhile, the report said two Chinese companies — the internet giant Tencent and one of the country’s leading video gaming companies Netease Yaotai — are competing and working to find ways to develop the metaverse.

Tencent is said to be focused on integrating artificial intelligence (AI), with the real world, while Netease Yaotai focuses on cloud gaming and AI in order to create a virtual environment that facilitates interaction.

Metaverse Companies Key Departments

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

We will not distinguish 2B from 2C in the execution of technology. 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.

On the other hand, Liu Bai, the “person in charge” at Netease Yaotai claimed that his company has different kinds of activity scenarios and nearly “100 kinds of personalized clothing” that will be used for in-depth simulations. Bai also identified the most important departments within metaverse businesses. He said: “The most important positions in Metaverse companies are R&D, product planning, and art.”

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Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.