China is aiming at the metaverse market despite a crackdown on all cryptocurrency transactions and mining activities.
The Chinese Academy of Governance, a training institution for government officials, has launched a "metaverse-empowered" party-building system, the South China Morning Post has learned, citing an article posted on Tencent Holdings' WeChat by Beijing-based virtual reality (VR) firm Mengke VR.
According to the report, the untitled hub supports party-building work in a "flexible and powerful way," in addition to hosting party conferences and exploring 3D models of historical relics in virtual reality.
The metaverse-empowered hub is way more potential for educational purposes than traditional lessons given the set of functions it provides participants with, Mengke VR said. According to the firm, party-building in the metaverse opens new possibilities, including moving items around and communicating with audio and their virtual bodies.
In the meantime, analysts at Morgan Stanley forecast that the Chinese metaverse market might eventually reach an $8 trillion valuation if the local tech giants like Tencent, NetEase, ByteDance, and Alibaba go all-in with the technology.