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Alibaba joins the metaverse party, creates a new unit to explore metaverse gaming By BTC Peers

by Mike Robinson

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Alibaba joins the metaverse party. Creates new unit to investigate metaverse gaming

Alibaba Group Holding, a global company that is listed on the NYSE (NYSE:), could be the next to join the metaverse party. According to reports, the multinational Chinese technology company Group Holding has set up a gaming unit in order to study metaverse game potential. The move comes just barely a month after the company launched a “Metaverse Exhibition” during the annual Singles’ Day shopping festival.

The new gaming unit called “Yuanjing Shengsheng” or “元宇宙” in Chinese means “former universe.” It arguably reflects Alibaba’s intention to enter the metaverse.

Based in the Beijing Economic-Technological Development Area, Yuanjing Shengsheng is an offshoot of Alibaba’s venture capital arm-Ali Venture Capital Co., Ltd. A spokesperson for the new unit gave a rather succinct description of Yuanjing Shengsheng, stating that “our business is related to Metaverse,” with further details.

The metaverse is becoming a playground for big techThe metaverse space has become a place for institutions. Facebook (NASDAQ:), made the brave decision to change its name from Meta Platforms Inc. in October. Prior to this, Tencent Holdings (OTC:), which currently controls the world’s largest biggest video gaming business by revenue, became the China distributor of Roblox, a metaverse sandbox game, in 2019. In September, the Chinese tech giant filed nearly 100 metaverse-related trademarks, including “Kings Metaverse,” “QQ Metaverse,” and “QQ Music Metaverse.”

Alibaba is also taking steps to be a leader in this fast-growing market. The company has filed trademarks like “DingDing Metaverse,” “Taobao Metaverse,” and “Ali Metaverse.” It also collaborated with several domestic and international brands like Burberry to launch its “Metaverse Art Exhibition” for the annual Singles’ Day shopping festival.

Baidu (NASDAQ : ), another Chinese tech company, just launched the first metaverse product, Land of Hope, last week. The product is a virtual 3D space that will function as the online interaction hub for the company’s own artificial intelligence developers’ conference.

Technology giants have jumped on the metaverse, from Google (NASDAQ) to Apple (NASDAQ), Square to Meta.

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