Baidu’s Metaverse App Won’t Support Digital Assets

Baidu’s Metaverse app will not support digital assets in its new endeavors because of the stringent regulatory environment as we can see more in today’s blockchain news.

Baidu’s metaverse app could take more than five years to be developed but the developers announced it will not feature cryptocurrencies. The Chinese internet behemoth is racing to the Metaverse but the tech giant also eyes to explore more without adding support for digital assets on its app. Speaking at the Create 2021 event, Ma Jie, the company’s Vice President shed more light on the timeline of the digital world “XiRang” but the application has already been under development for more than a year, and now it could take another five years to launch. According to Ma, XiRang is capable of hosting 100,000 virtual attendees.

With XiRang, Baidu aims to develop an open-source platform for metaverse developers and to create a better infrastructure for a virtual world. The app is accessible to developers in China but because of the harsh regulatory environment, the executive clarified that the app will not support digital currencies or crypto trading. The main objective behind Baidu’s approach of staying away from the assets is to comply with a barrage of regulations. This is because the Chinese governemnt is best known for a crackdown on its monopolistic practices by internet tech giants. Beijing’s year-long suppression of tech players prompted many to be cautious or to leave the region.

China imposed a fresh ban on crypto but there are no laws regarding the metaverse yet. The state media posted plenty of articles on the subject that mostly consists related to scam risks. The People’s Bank of China issued a warning against the metaverse dangers and NFTs so with that being said, China’s stance is still quite ambiguous. The country already launched the first metaverse industry group called the Metaverse Industry Committee as an organization that will operate under the state-supervised China Mobile Communications Association.

The tech companies are all filing for metaverse trademarks and more than 1360 homegrown companies submitted more than 8000 trademark applications related to the metaverse and some of them include, Alibaba, TENCENT, NetEase, and Baidu.

As recently reported, Metaverse tokens are leading the Christmas recovery and are outpacing the gains made by other assets. But it also looks like a good Christmas for Gamefi projects as well. Following Bitcoin’s recovery above the key level of $50,000 the wider crypto market started to bounce back from the dip and both the blockchain gaming projects and metaverse, projects are leading the charge with a high daily increase in the top 100 crypto assets.