MiHoYo, the developer of popular video game Genshin Impact, announced the launch of HoYoverse for its worldwide expansion on Monday. This is a hint at its entry into the metaverse race.
According to miHoYo CEO Haoyu Cai, the China-based game developer wants to deliver a virtual world with a “high level of freedom and immersion.” MiHoYo is best known for the RPG game Genshin Impact, which generated almost $2 billion in its launch year of 2020. It was the top-grossing mobile game in the world in September of last year with $341.7 million in player spending.
China has taken steps to reduce the popularity of blockchain-based applications such as non-fungible tokens (NFT) and cryptocurrencies. The Ministry of State Security warned in October that the metaverse might pose a threat to national security. Global tech companies like Microsoft and Meta have jumped on the metaverse bandwagon, and so have Chinese tech giants such as Tencent and ByteDance.
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