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China's Next Revolution in Metaverse for 2022 despite Crypto Ban?


While vigilance is advised, Chinese state-owned enterprises and local governments are stepping up their research into "critical platforms" that allow "future interaction between the virtual world and the actual society."


Aside from President Xi Jinping, China has been anxious to promote itself as the global leader in blockchain innovation. For its part, Beijing prefers a blockchain approach based on private networks that do not include cryptocurrencies at all.


*credit to the source

How does metaverse impact the future?


The metaverse is built on a foundation of cutting-edge technology, including artificial intelligence and blockchain. It is a hypothetical universe in which the internet evolves into an immersive virtual environment suitable for work, play, socializing, experiences, and events.


While the Chinese government has denied applications for Metaverse Trademarks from NetEase, iQiyi, and Xiaohongshu, applications from the country's IT behemoths such as Tencent and Alibaba (which owns the SCMP) are still pending evaluation.



*credit to the source


Baidu, the Chinese technology behemoth, made its first foray into the metaverse business with the development of a virtual reality app, testing the waters in what many believe will be the next phase of the internet's growth.



Users of XiRang may create a digital avatar and interact with other users in a three-dimensional environment, such as a fictitious city, accessible by smartphone, computer, or virtual reality goggles. According to Baidu, a single digital environment may be shared by up to 100,000 individuals.

Exclusively, users in China are able to participate in activities such as visiting virtual exhibits and practicing diving in a digital swimming pool.



China is stepping up its advancement into Metaverse as well! What’s NEXT?




Sources:


CryptoNews, CoinDesk, Channel News Asia