Chinese big tech companies including e-commerce giant Ali Baba heading to Metaverse.
Chinese e-commerce giant Ali Baba Holding decides to check its mettle in the future of the internet i.e. the metaverse. Ali Baba Group registered a new company in Beijing named Yuanjing Shengsheng to test the company’s massive potential in metaverse gaming.
The move isn’t just made by Ali Baba, other big tech giants of China have also started flocking towards metaverse like Tencent, Baidu, and NetEase.
Ali Baba’s new unit is a subsidiary of Alibaba’s investment arm and listed its business in the domain of software development and services. The company registered capital of $1.6 million to start with and will focus primarily on metaverse. The move comes amid the Chinese government’s strict policies revolving around gaming and crypto.
Yuanjing Shengsheng surfaced just two months after Alibaba launched its cloud gaming business group with a similar name. It appears that Alibaba is using cloud gaming and computing technology to make heads in gaming as well as virtual reality. This will help Alibaba to transition smoothly into the metaverse once the idea of it becomes more mature.
The momentum towards metaverse is building up in China despite the Chinese government’s strict regulations around the industry. Baidu, China’s biggest search engine, announced that it will launch its first metaverse product at the end of this month. The product is known as Land of Hope, a virtual 3D space where users will socialize and interact with each other.
Baidu also plans to hold a large-scale artificial intelligence developers’ conference this year. The conference is planned as virtual in a metaverse space and it will be the first of its kind in China.
Baidu said that more than 100,000 people will interact in this space at the same time.
Other big tech giants in China have already applied for their respective trademarks in the metaverse like ‘Ali Metaverse’, ‘Taobao Metaverse’, and ‘Ding Ding Metaverse.’
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