Report: China poised to become a global hub for the metaverse
China is set to emerge as a dominant player in the metaverse technology industry, with a report by Globaldata, a consulting and data analysis company, predicting that the country will become a leading metaverse hub in 2023.
The report highlights China’s investment in underlying technologies such as artificial intelligence (AI), virtual reality (VR), and augmented reality (AR), which it believes will position the country as a global metaverse hub. The report suggests that the Chinese metaverse will prioritize industrial applications, emphasizing the benefits of incorporating metaverse tech into business processes.
While interest in the metaverse appears to be waning worldwide, China’s national and local strategies demonstrate the country’s preparedness to adopt the metaverse at all levels, making it a prime destination for investment and innovation in the coming years.
It is noteworthy that the development of the metaverse has garnered greater attention from Asian governments in comparison to the rest of the world, particularly in China and South Korea. These countries are exploring the potential of metaverse technology beyond gaming, with applications in industries and public administration. This shift marks a significant move from the metaverse’s origins as a purely gaming-focused concept. Recently, South Korea’s Ministry of Science and ICT the Metaverse Fund to drive metaverse initiatives in the country. Meanwhile, in China, Shanghai and Zhejiang have implemented metaverse development strategies.