Although global states are slow in excavating Metaverse potential, China is going full guns blazing into the Metaverse. It wants to enter the space as no other country or entity has ever done in the past.
China’s ambition is to ‘be the first’ in developing ‘dominance’ over Metaverse at a time when Metaverse is still in its infancy. The country has a habit of doing that because it loves to dominate the sectors where the US might challenge it.
The country had already done the same when it came to mining cryptocurrencies. It started to mine them like no other country and soon, China was the country mining almost 65% of total Bitcoin in the entire world.
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The success of China in its ambition was further confirmed when an independent AI consulting firm, Globaldata, issued its latest report.
Globaldata’s report suggested that China’s timely entry into the industry has ensured the number one slot for China.
According to the findings of Globaldata, China is destined to become the ‘future king of Metaverse as well as other AI-based projects’.
The consulting firm also noted that China’s wholehearted investments in AI and technology have put the country in the driving seat.
By the time West or other regions would step into, they could occupy passengers’ seats only, suggested Globaldata.
China as the Epicenter of Metaverse and Associated Technologies
Though China is also a victim of the global economic crunch and the Covid-19 pandemic, it never stopped believing in future technologies.
China is making ‘outdoing advances’ in VR, AI, 6G, and AR technologies keeping in view that the West isn’t showing keen interest. Resultantly, China could easily be foreseen as the epicenter of Metaverse and associated technologies.
China Won’t Stop Investing In Future Technologies
The report further claims that Globaldata could not find a single reason why China would ever stop investing in these technologies.
Globaldata’s study suggests that China is working on a well-crafted strategy that allows it to substantially improve the national economy through AI-based projects.
In this connection, provincial governments in China have presented their plans to the Federal Government. Amongst them are the plans submitted by the provincial governments of Zhejiang and Shanghai.
What Is The Potential Outcome of Metaverse In the Future?
Usually, the metaverse and the associated technologies are interlinked with hardware and software.
The purpose of these technologies in general is to serve worldwide consumers without the need of interacting with them physically.
However, China is utilizing the metaverse at a whole new level and is in fact regarding it as an entirely new field altogether.
China is of the view that the industry has to offer multifarious benefits and most of them can be derived from Metaverse.
A few months back, China’s IT Ministry issued a report which talked about merging VR applications into processes concerning traditional industries.
IT Ministry’s report also showed how such technologies can easily be mixed into orthodox processes.
According to Globaldata, in the coming future, Metaverse technology is going to be a lot more praiseworthy than any other technology.
Globaldata explained that the benefits that the space has to offer shall be dawned upon the world because of China’s continuous investments.
It further said that at present, technology-interested people are only looking at one side of the picture.
They think that they can use this technology for improving either gaming experiences or social media interactions. However, Metaverse is much more than that, stated Globaldata.
Present State of Investments into Metaverse
Investment started to pour into this industry mainly after 2020.
However, based on another study, it was expected that 2023 would proceed rather flat in terms of Metaverse investment. The study further suggests that by 2025, the industry is likely to be estimated above $375 Billion.