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HomeMetaverseTencent and NetEase compete for Chinese Metaverse Market: Report

Tencent and NetEase compete for Chinese Metaverse Market: Report

China’s metaverse market has reportedly raised $780 million (5.46 billion yuan) in finance, according to local media reports. According to the report, about 20 provinces or cities, in addition to 160,000 “Chinese virtual human companies,” are already providing support for the metaverse. The two top video game businesses in China, NetEase Yaotai and internet giant Tencent, are fighting with one another to find new methods to expand the metaverse.

Tencent is now concentrating on developing the deep integration of AI and the real economy, striving to improve social innovation, and encouraging the high-level use of AI technology by offering AI technology help to many industries.

On September 3, Tencent Cloud Vice President, Tencent Youtu Experiment, spoke during the 2022 World Artificial Intelligence Conference. According to Wu Yunsheng, general manager of the lab, Youtu Lab’s primary technologies include 3D modelling, digital humans, voice recognition, and other technologies that are all classified as part of the genuine Internet. All of them will come together to jointly address the technical problems of the coming century.

In addition to Tencent, NetEase has made several attempts in the metaverse space. In contrast to conventional conference platforms, NetEase Yaotai creates an immersive event system that improves interaction between virtual characters and virtual settings using cloud gaming and artificial intelligence technology. NetEase Yaotai uses cloud gaming technology to move the rendering process onto the cloud, making it easier for users to utilise. Users do not need to download a rather big installation package in order to access Yaotai immediately by opening it in a browser.

“NetEase has amassed technology in the field of gaming research and development before, so its technological hurdles in building Yaotai are fewer.”

According to a Chinese news website, China’s metaverse market will be worth 40 trillion yuan by 2030, or 20% of the country’s GDP. 

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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