CapitalCounselor
  • Home
  • Reviews
  • Blog
  • News
  • About Us
  • Our Team
  • Contact Us
CapitalCounselor
  • Home
  • Reviews
  • Blog
  • News
  • About Us
  • Our Team
  • Contact Us
Finance News - Chinese Tech Giants Plan to Create Their Own Metaverse

Chinese Tech Giants Plan to Create Their Own Metaverse

  • Marina Avramovic
  • February 17, 2022

Following Facebook’s example, Chinese tech giants are planning to create their own metaverse — a digital space that exists parallel to our own.

Namely, companies like Tencent, NetEase, ByteDance (owners of TikTok), and Alibaba are all said to be interested in this venture. Moreover, they are ready to spend an estimated 52 trillion yuan, which is around 8 trillion US dollars, to make it happen.

As a result, gaming, VR, and social media will be on the front lines. And just like with Facebook’s metaverse, you’ll be able to create your own digital avatar and buy virtual items in games.

In fact, even some Chinese cities, such as Shanghai, are aiming to include metaverse into their development plans (i.e., they want to use metaverse in offices and public services).

However, unlike Facebook, China’s metaverse will be highly regulated. In other words, each application will have its own set of regulations.

In fact, China is currently experiencing intense scrutiny of the tech sector. So much so that the country’s regulators have proposed new anti-monopoly laws for internet platforms. For instance, they reduced the period of time minors can play video games online.

Another thing that could be problematic for the Chinese metaverse is the use of cryptocurrencies. Namely, some metaverse applications use only crypto as a currency — and as you might know — the Chinese government banned the trading and mining of cryptocurrencies.

That said, the use of crypto will most likely be limited in the Chinese metaverse, or it might be replaced by the country’s own central bank-issued digital currency, aka e-CNY.

0
0
0
Share
Tweet
Share
Share
Marina Avramovic

Marina is a content writer and a film-maker who spends most of her time in front of the computer, writing articles and blog posts on various subjects, learning fictional languages or editing avant-garde movies. This compulsive penchant for learning new ways of dreaming and writing became her dream job. When she's not obsessing about work she tries to cook, read dystopian novels and go on adventures with her dog.

Previous Article
Finance News - $15.6 Trillion Debt for Americans at the End of the Year

$15.6 Trillion Debt for Americans at the End of the Year

  • Marina Avramovic
  • February 17, 2022
Read More
Next Article
Can You Buy a Car with a Credit Card

Can You Buy a Car with a Credit Card: Pros, Cons & Tips

  • Bojana Petkovic
  • February 18, 2022
Read More
You May Also Like
Finance News - Home Values Skyrocket in 97% of US Cities
Read More

Home Values Skyrocket in 97% of US Cities

  • May 11, 2022
Finance News - US Gucci Stores to Start Accepting Crypto by the End of May
Read More

US Gucci Stores to Start Accepting Crypto by the End of May

  • May 11, 2022
Finance News - 32% of American Students Unable to Pay Off Their Debts
Read More

32% of American Students Unable to Pay Off Their Debts

  • May 5, 2022
Finance News - 66% of Americans Willing to Take On Debt for Love
Read More

66% of Americans Willing to Take On Debt for Love

  • May 5, 2022
Finance News - 62% Of People Quit Their Job Due to a Toxic Company Culture
Read More

Toxic Company Culture the Reason Behind 62% of Resignations

  • April 29, 2022
Finance News - Men Make 72% of Six-Figure Earners in the US, Study Finds
Read More

Men Make 72% of Six-Figure Earners in the US, Study Finds

  • April 29, 2022

Leave a Reply Cancel reply

You must be logged in to post a comment.

Recent Posts
  • 403b vs Roth IRA 1
    403b vs Roth IRA: Fierce Battle for Retirement Savings
    • May 15, 2022
  • What Not to Say at an Interview 2
    What Not to Say in an Interview: 5 Top Mistakes to Avoid
    • May 14, 2022
  • Why Did My Credit Score Drop. 3
    Why Did My Credit Score Drop: Eight Possible Explanations
    • May 12, 2022
  • How to Ask for a Raise 4
    How to Ask for a Raise Professionally (and Get It!)
    • May 10, 2022
  • 15 Tips on How to Make Money in One Hour Without Much Hassle
    • May 9, 2022
Follow Us
Facebook
Twitter
LinkedIn
CapitalCounselor
  • About
  • Our Team
  • Contact
  • Affiliate Disclosure
  • Privacy
  • Terms
©2022 CapitalCounselor.com – All Rights Reserved.

Input your search keywords and press Enter.