Report: An Estimated $780 Million Raised by China's Metaverse Industry

By: Mark Jessy

Report: An Estimated $780 Million Raised by China's Metaverse Industry

September 5, 2022 9:35 AM

Funding for the Chinese metaverse industry is said to be around $780 million, and its eventual valuation is projected to be $5.8 trillion by the year 2030. About 20 provinces or cities in China are said to be on board with the metaverse, and the country is home to an estimated 160,000 virtual human enterprises.

 

Creating a Virtual World (Metaverse)

 

Local media in China reported that the metaverse industry in China had successfully raised $780 million (5.46 billion yuan). According to the report, there are currently around 20 provinces or cities that support the metaverse, in addition to the 160,000 "Chinese virtual human enterprises."

 

There are also projections that the size of China's metaverse market will reach $5.8 trillion by 2030, according to a report on a Chinese language news website. In the meantime, the report claims that two Chinese firms are competing and working to develop the metaverse. These firms are internet giant Tencent and one of the country's leading video gaming firms, Netease Yaotai.

 

Netease Yaotai has focused on using cloud gaming and AI to build a system that improves interactions in the virtual world, while Tencent is said to be championing the integration of AI with the real economy.

 

Critical Divisions at Metaverse Companies

 

Wu Yunsheng, vice president of Tencent's cloud division, has this to say about the company's efforts thus far:

 

"Neither 2B nor 2C will be differentiated in any meaningful way during technology implementation. There are many attempts in the C-side QQ metaverse, and there are also application scenarios for the company's metaverse technology in the 2B field (such as Baowu Steel). As a result, we won't put much emphasis on proving whether our technology is 2B or 2C when we touch down, instead focusing on how it can improve people's lives and boost productivity."

 

However, Netease Yaotai's "person in charge," Liu Bai, stated that his company has a variety of activity scenarios and nearly "100 kinds of personalized clothing" that will be used for extensive simulations. Bai also described the roles he thinks are most important in companies operating in the metaverse. As he put it, "the most important positions in Metaverse companies are R&D, product planning, and art."