Chinese Metaverse Industry Bottles In $780M in Funding

• Chinese metaverse industry successfully raises $780 million in funding in hope of a $5.8 trillion industry by 2030.
• In a country with 160,000 virtual human enterprises, 20 cities in China are in great support of the metaverse.

Half a year ago, the metaverse was a bottomless well of myth, legend, and history that few Chinese residents knew. But now the fairy story surrounding virtual technology has been told and is now spreading like wildfire across the country which peaked in recent days with the debuts of a host of metaverse-themed experience halls – crowded with tech-savvy visitors as well as passionate technocrats and entrepreneurs – at virtually every global event hosted in China.

A report from a local news outlet revealed that China’s metaverse has bottled  5.46 billion yuan ( $780 million) in funding. Additionally, the report stated that there are 20 provinces across the country in support of the metaverse in addition to 160,000 “Chinese virtual human enterprises,”.

Related: Indonesia Ready to Battle Google and Meta with Its Own Metaverse.

The Chinese metaverse industry is in hopes of creating a  $5.8 trillion industry by 2030. Meanwhile, a Chinese-language news site stated that internet giant Tencent is battling it out with of the country’s leading video gaming companies Netease Yaotai to work ways on creating the metaverse.

While Tencent is mainly focused on dominating the arena by the integration of artificial intelligence (AI) with the real economy, Netease Yaotai is focusing its efforts elsewhere on building a system that enhances interactions in the virtual world with the use of cloud gaming and AI.

Which Department is Dominating the Metaverse Industry?

Wu Yunsheng, the company’s Cloud Vice President commented on Tencent’s efforts saying;

For the implementation of technology, we will not clearly distinguish 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 bring to people’s lives and production.

On the other side  Liu Bai, the “person in charge” at Netease Yaotai said that the different kinds of activity scenarios and the support of nearly 100 personalized clothing can really be used for in-depth simulations. He also added that;

The most important positions in Metaverse companies are R&D, product planning, and art.”