Tech giants’ latest moves, regulatory action
The opening of Cheonan Qianshu Shopping center, Shanghai (China) on December 22nd 2021 allowed citizens to experience virtual reality. The concept of the metaverse is key to virtual reality.
Xing Yun | Costfoto | Future Publishing | Getty Images
The metaverse with Chinese traits. The world’s second-largest economic country is likely to look like the virtual world everyone talks about.
China’s technology giants are beginning to invest in the metaverse — the latest buzzword in internet technology. It’s a term with no concrete definitionIt is a term that can be used to refer to virtual worlds people are going on vacation or living in.
As Beijing maintains a tight control on domestic tech firms’ practices, there will be more censorship and strict regulation.
U.S. businesses like Facebook parent MetaYou are going all-in on the metaverse conceptWhile MicrosoftIt has been positioned proposed acquisitionActivision, a leading gaming company a play on this theme.
Chinese companies are more careful. What are their plans and what regulation will they follow?
China’s total addressable market in the metaverse is estimated to be 52 trillion yuan (or around $8 Trillion). Morgan Stanley saidA note that was published last month.
This is down to which applications might be part of this metaverse. According to analysts, virtual reality is a possibility. gamingSocial media and other early applications could include.
You could create digital avatars or buy virtual objects in games.
Metaverse is the future social network. CloudTree Ventures managing partner Winston Ma said that all China’s tech companies must embrace metaverse to reach the younger generation of internet users.
An earnings call was held in November TencentPony Ma, CEO of Tencent said that the metaverse would be a way to grow existing businesses like gaming. Tencent, the largest global gaming company, has a large portfolio of mobile and PC games.
Tencent also owns WeChatA messaging platform with more than a billion members that includes social media features, is.
Ma claimed that Ma’s company “a lot of technology and knowhow building blocks” for exploring and developing the metaverse.
ByteDance continues to be aggressive. expansion into gaming over the last year. In August, the company acquired virtual reality headset maker Pico. ByteDance also has TikTok and Douyin in China, the short-form app for video. The Beijing-headquartered firm has laid foundations in VR, social media and gaming.
AlibabaIt announced this year that it will launch augmented reality glasses to facilitate virtual meetings. Augmented Reality refers to the overlaying of virtual images onto real life. This could also be considered a metaverse play. Dong Dong, an e-commerce giant created a virtual influencer named Dong Dong to promote the Winter Olympics in Beijing. Alibaba’s Taobao shopping application features a digital avatar that provides details about the Olympics, promotes products related to them and offers other information.
Find giant BaiduLaunched in metaverse app last year called XiRangA virtual world which can host up to 100,000 people simultaneously. Baidu executives however downplayed their expectations and admitted that there were still many issues to be resolved. Ma Jie (vice president of Baidu) said that it might take six more years before the app is fully launched.
There are still signs that China’s top technology companies are starting to explore and prepare for the future.
Charles Mok of Tech For Good Asia told CNBC that “Similarly to the pitch from Meta”, the original founder of Tech For Good Asia said, “The metaverse concept might at first involve VR/AR supported games and social interactive environments.”
“These will obviously be the areas that China big tech players will follow first, with features that are advanced in China — such as payment, and WeChat-like integrated online services — that can be extended and built into the metaverse.”
Chinese tech firms have launched a metaverse drive after an intense year of regulatory scrutinyInformation about the tech sector in India.
Neu anti-monopoly lawsInternet platforms were suggested, and a landmark personal data protection law has been passed. Beijing also has cut the amount of timeChildren under 18 are permitted to participate in online gaming.
Analysts predict that existing legislation will be used to regulate metaverse apps, even if new ones are made.
Hanyu Liu from Daxue Consulting stated that Beijing will be unable to develop one-size-fits all policies due to the diversity of metaverse application.
“Each application will receive its unique set of regulations, which builds on existing legislation.”
China continues to block content from its internet.
Liu stated that “We can also expect strict censorship” and said it would most likely exist an isolated Chinese metaverse, which is distinct from the global.
Analysts believe that there are other pieces of regulation that could be applied to the management of the metaverse.
A set of regulations was passed by the authorities in January. governs how internet firms can use recommendation algorithms. The draft rules concerning “deep synthesis” technology were then followed. It refers to software that can be used to create or edit voice, images, or video. Both rules can overlap.
Ma stated that “this overlap with the algorithm rule, as required by the new rule, would have an important impact on Metaverse businesses in China.”
Opportunities for the metaverse are being explored by even Chinese regions and cities. The metaverse was launched last year. the major city of Shanghai mentioned the metaverseIts five-year plan of development for the information technology sector.
China is very smart in this area. Liu stated that China is extremely smart when it comes to this.