BREAKING: China Likely To Support Metaverse, With Conditions
China might not like Bitcoin, but that doesn’t mean it won’t get in on the metaverse.
Covered:
- Chinese giant Tencent says the country will accept the metaverse, under conditions
- China warns of “blind investments” into metaverse stocks
- The CEO has Tencent has plans and tech needed for the metaverse
China Metaverse: Giant Tencent Says “Beijing Likely To Support”
In a story garnering little attention, Reuters reported that “Beijing likely to support metaverse – as long as it obeys China rules.” The report leaked from Chinese social media giant Tencent Holdings. Tencent is China’s largest company by market value and indicated in an earnings call that they “welcome” gaming businesses opportunities surrounding the metaverse. The company acknowledged China’s willingness to support the metaverse, but of course as long as it “falls in line with Chinese rules.” Tencent is the company behind WeChat and owns over 20 metaverse-related trademarks for immersive gaming tech.
Tencent president Martin Lau said on the call: “There’s a lot of technologies that are related to the development of games as well as for the metaverse.” It appears that the notion of a metaverse is even resonating with the largest Chinese entities, such as Tencent. This comes on the heels of Facebook’s rebranding as well as Microsoft’s and Disney’s announcement they too are working on their own version of a “metaverse.” Lau went further on the call saying: “The Chinese government will be in support of the development of such technologies as long as the user experience is actually provided under the regulatory framework.”
Suggested Read: Facebook wants to be the Metaverse: What does it mean for Crypto?
China Metaverse: “Blind Investments”
Crypto and the Metaverse have become synonymous with each other, especially the notion that Web 3.0 and the metaverse. Many saw Facebook’s embrace of the metaverse as a proxy endorsement of crypto and Web 3.0. After Facebook’s metaverse announcement, cryptos like Decentraland, Sandbox, and Basic Attention Token all pumped massively, indicating a clear correlation between the metaverse and crypto. The word has become a catch-all buzzword as DeFi was in 2020. It has been marketed as a panacea of sorts but is yet nebulous as could be.
In regards to crypto, Chinese authorities have banned all crypto transactions, and even warned against “blind” investment in metaverse-linked stocks.” Tencent said that there will essentially be multiple metaverses and that China will have its own version–a walled garden, perhaps. Tencent is the world’s largest online gaming firm and is building virtual world concepts to try and get ahead of rivals TikTok, Netease, and ByteDance.
Tencent’s CEO said they are taking ‘multiple pathways to the metaverse including “interactive games or a social network serving as a ‘gamefield’”. A lot of speculation is that related to metaverse gaming, there be will be in-game commodified assets, likely in the form of NFT’s. “Bitcoin is metaverse money” is a narrative and meme that has made its way around social media, too.
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It is likely China will have a siloed metaverse, which truly is no surprise. The metaverse will likely be a multi-verse. Regardless, they appear to embrace it according to Tencent, and Tencent made it clear in the earnings call they have the “tech and capability building blocks that will allow us to approach the metaverse opportunity.” One thing is clear, there will not be ‘open source’ when it comes to China, crypto and the metaverse.
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Text source: CryptosRus
