Metaverses, even though more of a concept than an actual implementation, gradually conquer the world of big tech. Chinese giant, Alibaba Group, established a new unit as part of its investment arm, which has listed its major business as software development and services related to metaverse. According to SCMP, Alibaba’s new entity is named Yuanjing Shengsheng, will test the gaming potential for metaverses. The news come just two months after a platform for cloud gaming services was launched in Alibaba’s digital realm.
The metaverse bandwagon in China keeps pace with the global craze on the subject of bridging digital and physical worlds on every level, from corporate to emotional. Lately, the Internet giant Baidu announced a new product launch, raising hopes for those willing to move to the virtual space as soon as possible: the new app, known as Land of Hope, Xi Rang in Chinese, is said to kick off on December 27. It will at once stream a 3-day conference for AI developers, hosted by Baidu’s metaverse site, handling 100K active attendees all together. Xi Rang is set to become the first product of its kind on the Chinese market.
Joining the race, Tencent, legendary owner of WeChat app, filed to register nearly 100 metaverse-related trademarks in September, SCMP reports.
Metaverses and a myriad of related industries, many of which are based on blockchain and AI, create immensely attractive market opportunities. Annual revenue across advertising, social commerce, digital events, hardware, and creators monetization, largely of bringing a metaverse to life, is valued from $800 billion to $1 trillion.
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