BEIJING : How will China's metaverse evolve? Look to the letter"c". Clean, censored, compliant and crypto-less is the view from experts.
Experts say China's metaverse efforts lag countries such as the United States and South Korea, citing less investment by domestic tech giants. Industry-leading products like Meta's Oculus virtual reality headsets are banned in China and the slow development of attractive domestically made VR headsets has meant China has yet to see a VR platform or metaverse gain significant popularity.
Start-ups too are seeing more investment. In the three months to end-November, more than 10 billion yuan was invested in metaverse-related ventures, far more than the 2.1 billion yuan of investment that China's VR and related industries attracted for all of 2020, according to Sino Global, a crypto venture capital firm focused on China.
But China's authoritarian approach is at odds with how the metaverse is developing in other parts of the world where users are attracted to new ways of expressing themselves, and it will stifle growth, says Eloi Gerard, a VR entrepreneur who worked in China for 10 years before recently moving to Los Angeles.
Experts also note that gaming - considered the gateway technology to the metaverse - is tightly regulated in China. At a January meeting of Beijing's municipal political advisory body which discussed the metaverse's development, proposals included a registration system for metaverse communities aimed at preventing them from influencing wider public opinion and causing economic or financial shocks, according to a state media report.
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