China’s tech giants go toward an $8 trillion metaverse chance
Key takeaways:
- According to Morgan Stanley, China’s technology giants, from Tencent to Alibaba and ByteDance, are funding in the metaverse, a market that could be worth $8 trillion in the hereafter.
- While U.S. companies like Facebook parent Meta and Microsoft are going all-in on the metaverse concept, Chinese firms are taking a more conservative path amid tighter regulation.
- China’s metaverse could look very dissimilar to the remainder of the world due to government censorship, rigid restrictions on the technology sector, and Beijing’s crackdown on cryptocurrencies.
An $8 Billion metaverse opportunity:
Imagine this: the metaverse with Chinese elements. That’s how everyone’s speaking about the virtual globe will probably look in the world’s second-largest economy.
China’s technology giants are starting to fund the metaverse — the newest buzzword in internet technology. It’s a term with no clear definition but primarily meant for virtual worlds that individuals play and live in.
Censorship will probably be rife and law-tight as Beijing persists in keeping a tight check on the practices of its domestic technology companies.
U.S. companies like Facebook parent Meta are moving all in on the metaverse concept. At the same time, Microsoft has set its suggested purchase of gaming firm Activision as a play on this theme.
Chinese companies are taking a more careful approach. So what are they up to, and how will law play out?
What are the apps?
In China, the total addressable market for the metaverse could be 52 trillion yuan, or about $8 trillion; Morgan Stanley stated in a letter published the previous month.
Firms like Tencent, NetEase, TikTok proprietor ByteDance and Alibaba could be the front-runners in this space among China’s internet enterprises.
Metaverse is the future of the social network. All China’s tech giants have to adopt it to discover new methods to hire the youngest internet users.