China’s Metaverse industry booming with $780 million funding

China’s metaverse sector has reportedly raised $780 million (5.46 billion yuan) in funding, according to local media reports. About 20 provinces or cities, in addition to 160,000 “Chinese virtual human enterprises,” are already providing support for the metaverse, the paper said.

In China, there are 160,000 virtual human businesses, and the metaverse is purportedly supported in 20 of the nation’s provinces or towns.

Additionally, according to a report on the Chinese language news website, it is anticipated that the Chinese metaverse’s market could reach $5.8 trillion by 2030. According to the report, two top video game businesses in China, Netease Yaotai and internet behemoth Tencent are fighting with one another to find new ways to expand the metaverse.

Netease Yaotai has focused on combining cloud gaming and AI to create a system that improves interactions in the virtual world, whereas Tencent is supposedly promoting the integration of AI with the real economy.

Wu Yunsheng, Tencent’s Cloud Vice President, commented on the company’s efforts to date and stated that they would not make a distinction between 2B and 2C when implementing technology. 

There are numerous attempts on the C-side QQ metaverse as well as application scenarios for the company’s metaverse technology in the 2B field. As a result, when they arrive, they won’t make a strong case for 2B or 2C; instead, they’ll focus on how their technology can improve people’s lives and productivity.

The “person in command” at Netease Yaotai, Liu Bai, on the other hand, asserted that his organization has a variety of activity scenarios and close to “100 kinds of customized apparel” that will be used for in-depth simulations. Additionally, Bai listed the major divisions he believes metaverse businesses should have. “Product planning, R&D, and art are the most crucial positions in Metaverse companies,” he declared.