Chinese Businesses Are Seeking To Expand The Metaverse

Chinese businesses are seeking to expand the metaverse by focusing more of their capital and attention on the next big thing to happen to technology – the metaverse.

Companies have made significant expenditures on both hardware and software despite top-down state control.

One such company, Taiyi Group, has just announced the purchase of Huobi’s communication platform, known as Huoxun.

The objective, according to a recent report, is to make Huoxin the first social platform in the world with an emphasis on data storage and metaverse development. The duty of optimizing and improving product features will fall to Huoxin.

Building digital collections and metaverse communities is another one of its duties. Huobi originally unveiled the social network for instant chatting in 2018. It is said to invest more than 100 million yuan annually in operations and R&D.

Since its release, Huoxun has amassed more than 7 million registered users.

Contrarily, the Taiyi Group’s metaverse platform, Taiyi Lingjing, has produced a number of metaverse IPs that are connected to cultural tourism, including Lingjing Temple of Heaven, Lingjing Forbidden City, Datang Lingjing, and Lingjing Chongqing.

The change occurs a month after Li Lin, the creator of Huobi, was said to be considering leaving the business. Lin was reportedly attempting to sell his interest in the well-known cryptocurrency exchange.

Chinese officials imposed a severe crackdown on cryptocurrency operations last year, forcing Huobi to close its offices there. However, in China, the term “metaverse” has gained popularity. Tech behemoths like Tencent, Baidu, and Byte Dance have already begun making investments.

Chinese businesses are seeking to expand the metaverse while also promoting the Chinese yuan.

 Who came up with the metaverse?

The idea of the metaverse is malleable. The only point on which IT experts can agree is that it will always exist. The metaverse is frequently depicted as dystopian in popular culture.

In his science fiction book Snow Crash from 1992, author Neal Stephenson introduced the concept of the metaverse. Hiro Protagonist, the main character, uses a pair of glasses and some headphones to seamlessly transition between the actual world and a computer-generated cosmos in order to save the world from an infocalypse.

In his 2011 science fiction book Ready Player One, Ernest Cline tells the story of a young man who spends most of his time escaping the grim reality of a dystopian future America by entering a virtual environment called the Oasis.

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