The Possibilities of the Metaverse Industry in China
Author: Lincoln JamesLast year, the Chinese government released the Virtual Reality and Industry Application Integration Development Action Plan (2022-2026). This plan outlines the objectives and activities to be implemented over the next five years.
GlobalData predicts that Chinese investments in metaverse-related technologies will surpass investments from the West in 2021. However, a decrease in interest for the metaverse can still be seen; this is largely due to the emergence of AI applications like ChatGPT. Yet, the top-tier company Meta has refused to pivot away from the metaverse, instead focusing on meaningful AI avatars as a way to draw in more people.
The potential for the metaverse industry in China is massive. The country is increasing investments and projects are launching daily, showing a commitment towards exploring the potential of the metaverse. China is leading the world in providing access to this exciting technology. Despite setbacks, the metaverse industry is predicted to continue to grow.