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The Chinese metaverse expansion is taking over the country’s market despite recent warnings from the authorities. Earlier today, China’s leading internet company, Baidu noted that it had registered its metaverse trademark. Furthermore, Baidu also shared a glimpse of its Metaverse world, Xi’rang.
Chinese Internet giant Baidu's #Metaverse world: Xi'rang pic.twitter.com/nAKVr7UmNu
— 8BTCnews (@btcinchina) December 20, 2021
Apart from Baidu, eminent players in the Chinese internet industry also registered to acquire their respective metaverse trademarks. Big names including NetEase Global, Alibaba , TENCENT, and Bytedance – TikTok’s parent company have applied for metaverse trademarks, according to a tweet from Chinese insider 8BTC.
Chinese Internet giant @NetEase_Global applied for trademarks related to #Metaverse . Earlier, big names like Baidu, #Alibaba , #TENCENT and Bytedance ( #TikTok parent company) all have applied for metaverse trademarks.
— 8BTCnews (@btcinchina) December 20, 2021
While metaverse is rapidly becoming the new internet frenzy, the authoritative government of China is now looking to extend its crypto ban to metaverse as well. Last week, the Chinese state media had issued a warning against the metaverse and cloud mining scams in lieu of the misuse of Metaverse terms by many scammers to lure more people.
Metaverse could be the next big thing
Since Facebook rebranded itself to Meta, the decentralised industry across the globe is excited yet confused about this exclusive virtual experience and how it will work.
“The term “metaverse” is made up of the prefix “meta” (meaning beyond) and the stem “verse” (a back-formation from “universe”). It is most commonly used to describe the future iteration of the internet, which will be made up of permanent, shared, 3D virtual spaces linked into a perceived virtual universe.”
Last month, a Grayscale research report noted that the number of Metaverse users rose by 10X in the period of just one and a half year. Furthermore, the report predicted at if metaverse continued to grow at this speed then it will most likely become a trillion-dollar industry by next year. Additionally, according to Grayscale’s report, Metaverse has the potential to become the key to Web 3.0, comparing it to Facebook’s role in Web 2.0.
“The Web 2.0 mobile internet changed how, where, when, and why we used the internet. In turn, this changed the products, services, and companies we used, which changed our business models, culture, and politics – the Web 3.0 Metaverse has the potential to do the same.”
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