News Report
September 05, 2022

Chinese metaverse industry raises $780 million, Tencent and NetEase are the leading companies

In Brief

China’s metaverse industry receives $780 million investment

Tencent lead in developing the metaverse

Tencent tests ‘pfactory’ for NFT after taking on NetEase

Chinese metaverse industry raises $780 million, Tencent and NetEase are the leading companies
Photo by Lintao Zhang/Getty Images

China’s metaverse industry has received a $780 million (5.46 billion yuan) investment, a Chinese news site reported. The market is expected to have a $5.8 trillion valuation by 2030. 

A total of 160,000 “Chinese virtual human enterprises” (metaverse companies) across 20 provinces and cities are supporting the metaverse. The origin of the investment is undisclosed. 

Liu Minghua, CEO of Deloitte China, believes that by 2030, the metaverse industry will account for a fifth of the country’s total GDP. 

Moreover, the “China Metaverse Investment and Financing Data Report” stated that two major Chinese companies—internet-tech giant Tencent and video game developer NetEase Yaotai—are the main competitors leading the country’s metaverse development. 

Both companies have different approaches to the virtual world. Tencent focuses on integrating artificial intelligence (AI) with the real-world economy. NetEase, on the other hand, aims to use AI and cloud gaming to build an innovative virtual gaming ecosystem. 

“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,”  

Cloud VP of Tencent Wu Yunsheng said.

As for NetEase, leading executive Liu Bai revealed that the most important departments in metaverse companies are R&D, art, and product planning. 

Tencent entered the Web3 space in the last year. In July, the tech giant dropped 40,000 NFTs inspired by artist sartoshi’s collection ‘Mfers.’ They also launched a virtual room on the QQ music platform, Tencent’s freemium music streaming app. 

In the same month, Tencent, along with China’s other large tech firms, Alibaba and Ant Group, joined an industry pledge to ban cryptocurrencies through the “self-discipline initiative,” which enforces authentication for NFT buyers and eliminates secondary NFT marketplaces. 

Read related posts:

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

More articles
Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

The DOGE Frenzy: Analysing Dogecoin’s (DOGE) Recent Surge in Value

The cryptocurrency industry is rapidly expanding, and meme coins are preparing for a significant upswing. Dogecoin (DOGE), ...

Know More

The Evolution of AI-Generated Content in the Metaverse

The emergence of generative AI content is one of the most fascinating developments inside the virtual environment ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Othentic Raises $4M Funding From Breyer Capital To Advance Development Of Modular Networks In Shared Security Environment
Business News Report Technology
Othentic Raises $4M Funding From Breyer Capital To Advance Development Of Modular Networks In Shared Security Environment
April 22, 2024
Celo Developer cLabs Proposes Launch Of Its Ethereum Layer 2 Solution On Optimism’s OP Stack
News Report Technology
Celo Developer cLabs Proposes Launch Of Its Ethereum Layer 2 Solution On Optimism’s OP Stack
April 22, 2024
ICON Integrates Its Cross-Chain DEX Balanced With Injective, Announces Regular INJ Token Purchases
Business News Report Technology
ICON Integrates Its Cross-Chain DEX Balanced With Injective, Announces Regular INJ Token Purchases
April 22, 2024
Exponential Bitcoin Bull Market Is Yet To Commence, Notes Crypto Analyst Willy Woo
Markets News Report Technology
Exponential Bitcoin Bull Market Is Yet To Commence, Notes Crypto Analyst Willy Woo
April 22, 2024