China’s metaverse industry has reportedly raised about $780 million in funding and is expected to reach $5.8 trillion by 2030. So far, there are 160,000 virtual human enterprises in China and 20 provinces or cities in the country are said to support the metaverse.
Developing the metaverse
According to a local source, the Chinese metaverse industry has raised $780 million in funding. In addition to the 160,000 “Chinese virtual human enterprises“, about 20 provinces or cities already support the metaverse, the article adds.
In addition, according to a report by the Chinese-language news site, the size of the Chinese metaverse market is expected to reach $5.8 trillion by 2030. The article states that 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 integrating artificial intelligence (AI) into the real economy, Netease Yaotai has already made progress in this area. But remains focused on using cloud-based games and artificial intelligence to create 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 vice president of cloud said:
For the implementation of the technology, we will not make a clear distinction between 2B and 2C. The company’s metaverse technology has application scenarios in the 2B domain (such as Baowu Steel), and there are also many attempts in the C-side QQ metaverse. Therefore, when we land, we will not forcefully demonstrate whether it is 2B or 2C, but only see what real value or convenience our technology can bring to people’s life and production.
On the other hand, Liu Bai, the “responsible” of Netease Yaotai, said that his company has different types of business scenarios and nearly “100 types of customized clothing” that will be used for in-depth simulations. Liu Bai also described what he sees as the key departments of metaverse companies. He stated, “The most important positions in Metaverse companies are R&D, product planning and art.“