The Chinese metaverse sector has successfully attracted a hefty investment of $780 million, led by major players Tencent and NetEase.

China's metaverse sector has achieved a remarkable $780 million (5.46 billion yuan) in funding. a Chinese news site reported Experts anticipate that this market will reach a staggering $5.8 trillion valuation by 2030.

There are approximately 160,000 'virtual human enterprises' (or metaverse companies) across 20 provinces and cities with a vested interest in the metaverse. The source of this investment remains unknown.

Liu Minghua, CEO of Deloitte China, predicts that by 2030, the metaverse industry could contribute a significant one-fifth to the country's total GDP.

The 'China Metaverse Investment and Financing Data Report' highlights that Tencent and NetEase Yaotai are the primary players spearheading the metaverse's expansion in the country.

These two firms have distinct strategies for navigating the metaverse landscape. Tencent aims to seamlessly blend artificial intelligence (AI) with the conventional economy, while NetEase is dedicated to leveraging AI and cloud gaming to foster an innovative gaming ecosystem.

"In terms of technology application, we prefer not to categorize cleanly between business-to-business (B2B) and business-to-consumer (B2C). Our metaverse tech has practical applications for businesses like Baowu Steel, and we've also made progress in the consumer-focused QQ metaverse,\" said a company spokesperson.

Cloud VP of Tencent Wu Yunsheng said.

NetEase's leading executive Liu Bai shared insights, noting that research and development, artistic design, and product strategy are the critical departments for success in metaverse companies.

Tencent made its foray into the Web3 arena within the past year. In July, they rolled out a virtual space on QQ Music, their popular freemium music streaming platform, inspired by the artistic collection 'Mfers.' tech giant dropped 40,000 NFTs In that same month, Tencent and other major Chinese tech companies including Alibaba and Ant Group pledged to regulate cryptocurrency within the industry as part of a self-governance initiative, which imposes age verification for NFT purchasers and aims to eliminate secondary NFT markets. launched Rumors about the Optimism hack are causing a 9% decline in their native token following a period of growth.

Tencent has officially shut down its NFT marketplace, Huanhe.

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