The Metaverse is inevitable and it’s going to come eventually. A lot of people think it’s a fool’s goal because of its scope however Mark Zuckerberg has the resources to fund this project until its completion. So the best step that anyone can take right now is to prepare for it when it eventually comes out. 

Chinese Firms and Local Governments Prepare For The Metaverse

Chinese tech firms and local governments are starting to make their move on the Metaverse. And although they are preparing for it they are doing it slowly and cautiously due to multiple factors such as the country’s crackdown on crypto and because the Metaverse will take a while to come out anyway.

The majority of the tech world and big businesses are making moves on the Metaverse and cementing their hold on this new platform. This caused the Chinese to take action as well and follow in their footstep, although they have to do it while avoiding issues with cryptocurrency.

One of the first to explore the idea of the Metaverse in China was Shanghai which already had policies that were in line with the Metaverse. The reason is that local governments need to guide enterprises and speed up their progress.

This is the first positive thing that a local government in China stated something positive about the Metaverse showing the country is slowly considering that the Metaverse is inevitable. Beijing is planning to create a major foothold for China with blockchain innovations spearheaded by President Xi Jinping himself. However, they don’t see a future with crypto in mind and only favor blockchain technology. 

Other local governments and tech firms have also taken notice of Shanghai’s move. Local government bodies in different regions such as Wuhan, Hefei, and Beijing have begun voicing their opinions about the need to develop the Metaverse. What’s even more surprising is that these government bodies are stating that Metaverse development is just as important as other fields like cloud computing, Big Data, and medical technology 

The CEO of Lakala which is a fintech group affiliate of Lenovo stated that they have already launched two Metaverse development-related proposals in Beijing. Lakala’s CEO, Sun Taoran is part of the group People’s Political Consultative Conference in the Beijing branch responsible for forming policies. 

Last year in November, many players in the industry of the CMCA (China Mobile and Communications Association) formed a “Metaverse Industry Committee”. As the name implies it handles Metaverse Related tasks and it includes many of the country’s big players like China Unicom, China Mobile, and many more.

The second batch of new members was recently added to the alliance but not all of them are publicly listed yet. So far only 15 have been listed publicly but the whole roster should be about 65 different names and groups as part of the Metaverse committee. 

With Cryptocurrencies having a bad rep in the country, the big tech firms will have to revise their plans regarding crypto in general. This means big companies like Alibaba, Tencent, JD.com, will have to scale back their crypto plans and revise their NFT (non-fungible token) plans as well. Some of these companies have even launched NFT sales on private blockchains and renamed them to something less related to cryptocurrencies. 

Conclusion

China is a big player in the tech industry and they certainly don’t want to be left behind by other tech companies and big businesses when the Metaverse comes out. China’s stance on the Metaverse when it was first announced was doubtful at best but they are slowly changing their minds seeing the rest of the world dive headfirst into taking steps towards the platform.

* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.