A recent report states that Chinese metaverse investors have raised $780 million, and the market is expected to reach $5.8 trillion by 2030. Currently, 160,000 virtual human businesses exist in China, and it is believed that at least 20 of its provinces or cities support the metaverse.
With the Metaverse’s recent popularity growth in China, business opportunities have become more diverse and fascinating. Moreover, based on the 16,000 trademark applications related to the metaverse, Chinese gamers are ready to join the virtual world.
Metaverse development is reportedly being undertaken by 500 Chinese companies. Several tech giants are likely to play an essential role in the growth of the metaverse business in the nation, such as Tencent, NetEase, ByteDance, Alibaba, and Baidu. For instance, the metaverse industry’s leader Epic Games, is 40% owned by Tencent.
As Tencent promotes artificial intelligence integration with the real economy, Netease Yaotai is focusing on cloud gaming and AI to improve interactions in the virtual world.
What Will This Mean for China?
Metaverse growth has prompted China’s government to enforce rules. As part of the government-sponsored China Computer Industry Association, the Metaverse Industry Professional Committee was established in May 2022.
This committee is responsible for drafting industry standards, collaborating with government agencies to develop industry roadmaps, providing funding assistance to start-ups, and investigating applications in manufacturing, business, tourism, healthcare, and education.
However, China’s laws regarding user-generated content are strict. As a result, metaverse platforms like Roblox have been hindered by it in the past, allowing users to construct experiences. As a result, companies will likely have to rely on preexisting intellectual property, such as legally produced films and video games.
Several well-known Chinese start-ups and Chinese Big Tech companies have the necessary technologies, customer bases, and international relationships to create metaverse platforms and experiences.