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Metaverse hype: in China they all want to go to "Yuanyuzhou"



 Since Mark Zuckerberg proclaimed the Metaverse Age, there has been more movement in XR. Shanghai attracts innovative companies with tax savings.


The metaverse can be translated into Chinese as “Yuanyuzhou” - a term that, according to Hong Kong's largest English-language daily newspaper, the South China Morning Post (SCMP), is currently being registered as a trademark in various contexts.


Meta moves China's tech companies

More than 1,360 companies in mainland China are said to have already registered a Metaverse-related trademark. Three months ago, before Facebook's meta-change and the large-scale announcement of the Metaverse strategy , that number was 130 companies.


The total number of applications for individual brands is around 8,500, with tech giant Tencent alone reportedly registering around 100 Metaverse brands in September. That shows how influential Meta is in China too, although Oculus products are not officially sold there. Chinese VR and AR companies that are better known in the West in terms of hardware include ByteDance (Pico) , HTC, Pimax and Nreal.


Several companies related to gaming and online communities such as MiHoYo and Netease (mobile and online gaming), Bilibili (video streaming) and the start-up Soul (AI-supported social networking) co-financed by Tencent are already planning to build their own metaverses . Soul announced Metaverse plans at the beginning of the year, among other things, users can create avatars here. However, the interface is still completely in 2D. The app should have around 33 million monthly active users.



Established tech companies such as the e-commerce giant Alibaba, Huawei or Hisense are also already planning for the Metaverse : Among other things, Huawei has applied for the rights to a “Meta OS”, Alibaba for “Ali Metaverse”, Hisense for Metaverse services for Advertising or social services.


Shanghai wants to promote the digital economy

The SCMP also reports that the city of Shanghai intends to promote companies in the coming year that create platforms for interaction between virtual and real society. The city government calls on companies to actively promote the digital economy and transformation of the city. Important companies in these areas could expect lower taxes.


"Shanghai and other governments in the Yangtze River Delta are actively investing in the future, focusing on computer chips, biotechnology and artificial intelligence," said Wang Zhen, vice president of the Shanghai Academy of Social Sciences. "These technologies have the potential to develop into several industrial clusters and to increase the economy and consumption."


The Chinese government warns of the metaverse


According to the SCMP, the state medium “People's Daily” at the beginning of December warned against the metaverse: In particular, the sale of virtual property “carries the risk of volatility, fraud, illegal fundraising and money laundering”. In the case of NFTs, there were no clear legal requirements for transactions in either China or any other country. In November, the People's Daily explicitly warned of the metaverse hype: People had to “remain rational in order to understand the current metaverse mania”.

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