The Chinese market of virtual worlds also known as the metaverse is set to reach an $8 trillion valuation, CNBC has learned, citing analysts at Morgan Stanley.
Although the report doesn't explain how exactly the market can reach those numbers nor when, the bank's experts believe that Chinese tech giants like Tencent, NetEase, ByteDance, and Alibaba could be the "front-runners in this space."
However, despite the trend for digitization, China's version of the metaverse might be completely different from the one by Meta. This is due to censorship that will likely still be in place as Beijing will continue to keep an eye on the practices of its domestic companies.
In the meantime, "real estate" sales on the main metaverse platforms surpassed the $500 million mark in 2021. According to data from MetaMetric Solutions, sales in January generated $85 million, with $1 billion sales in total are expected to reach in 2022.