China’s Metaverse Industry Reportedly Raises $787M in Funding

• China’s metaverse industry raises $787 million in funding (5.46 billion yuan).
• Currently China has 160,000 virtual human enterprises.
• By 2030, the metaverse industry in China is envisioned to be worth $5.8 trillion.

According to the “China Metaverse Investment and Financing Data Report,” the country’s Metaverse is currently being financed to the tune of $787 million (5.46 billion yuan).

China’s metaverse industry currently has 160,000 Chinese virtual human enterprises and 20 provinces/cities involved.

As per Liu Minghua, Deputy CEO and Chief Quality and Transformation Officer of Deloitte China, the Chinese Metaverse market will be worth $5.8 trillion (40 trillion yuan).

The estimated valuation will be worth 20% of the country’s GDP in 2030. Additionally, electronic goods and wearable technology will be worth 1,000 yuan each.

The details were released by a local Chinese media outlet called Yicai. The report also states that two Chinese giants, namely, Tencent and Netease Yaotai, are competing to engrave their names in the country’s economic development.

China emerged as one of the first nations to embrace the crypto industry, while the majority of the world’s population knew very little about the crypto-verse. As every country seemed to be progressing into the sector, China made the decision to outright ban all things cryptocurrency.

The nation ruthlessly demolished significant Bitcoin mining behemoths and enacted a broad ban on the sector. But the metaverse industry in China seems to be welcomed with open arms.

It was reported in July that the technological hub of China, Shanghai, is betting big on the metaverse. China’s financial center intends to grow its tech and metaverse industries, intending to build a $52 billion metaverse industry.

China’s stance on crypto is still confusing to many. On one hand, it tries to outright ban crypto, and on the other hand, it embraces metaverse technology.