Markets

China takes the Metaverse industry very seriously with the growth accelerating

In China, the metaverse industry will grow by nearly 40% this year. The system in Beijing has officially recognized the metaverse as a “major industry”. The newfound bullish stance on the virtual experience ignores the setbacks faced by innovators in the US and elsewhere.

China is experiencing a huge growth in the metaverse industry. In 2023, it is expected to grow by 39.5% to reach US$1,06,102.8 million, according to figures from Research and markets.

China’s tech giants, including Tencent, NetEase, Alibaba, and ByteDance, have recognized the potential growth of the metaverse market. Last year, Alibaba, part of China’s largest technology conglomerate, launched the Metaverse luxury shopping experience last year. The immersive AR platform is currently China’s largest online destination for luxury brands.

The Chinese government prioritizes the development of the metaverse sector, which has led many provinces to plan a significant increase in their investment. At least six provincial governments and local authorities in ten cities in China have released their metaverse development plans, while Chinese universities are opening new virtual departments in the metaverse and creating grades Based on her study.

globaldata Chinese investment in metaverse-related technology is also expected to outpace that of the West this year.

The metaverse has been identified as a “key industry” for the country’s future. Last year, the Chinese government released its first national policy To develop metaverse related technologies such as VR, AR and MR. The Virtual Reality Applications and Industry Integration Development Action Plan (2022-2026) defines the goals and tasks of the next phase five years.

Interest in Metaverse has waned since the advent of popular AI platforms such as ChatGPT. However, Meta CEO Mark Zuckerberg said his company won’t be moving away. Although Meta plans to include “meaningful and helpful” AI imagery in its metaverse.

Google Trends data shows that interest in metaverses has dropped significantly since January 2022. Critics claim that many projects using the term are not very different from existing virtual worlds and that the term itself is ambiguous. This week, Reality Labs, the Meta metaverse unit, reported an operating loss of $3.99 billion in the first quarter.

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