China Will Become a Metaverse Technology Leader During 2023 – Metaverse Bitcoin News

A report issued by Globaldata, a global consulting and data analysis company, predicts that China will become a leading country in metaverse technology during 2023. The firm believes that the development of other technologies such as artificial intelligence (AI), virtual reality (VR), augmented reality (AR), and 6G will allow China to configure itself as a metaverse hub.

China to lead the metaverse industry in 2023

While interest in the metaverse appears to be waning on a worldwide level, China is still pushing to become a leader in the industry. According to a recent report prepared by Globaldata, a consulting firm, China is positioning itself to surpass the West when it comes to metaverse technology, as the country will continue to invest in technologies related to this field.

The report states that the importance that China places on these accessory technologies will allow it to become a center of the metaverse. It says:

The growing emphasis on VR, AR, AI and 6G aims to surpass advances in the West and position China as a global hub of the metaverse.

Furthermore, Globaldata believes that there are signs that China will continue to invest in virtual reality and artificial intelligence with the aim of promoting the nation’s economic development. Several Chinese provinces and cities have already unveiled plans to become metaverse technology hubs, including Shanghai and Zhejiang.

Where will the Metaverse go?

While metaverse is often associated with software and hardware dedicated to consumers, the report suggests that the Chinese metaverse is likely to focus more on industry and the benefits it can reap from incorporating metaverse technology into its processes.

The Chinese Ministry of Industry and Information Technology recently released a report on the use of VR and metaverse technology in industrial processes, showing how they can be effectively blended. Globaldata predicts that the metaverse will be more valued than other technologies because of the opportunities it provides. On this it explains:

Chinese investments in metaverse-related technology will highlight the value of the metaverse compared to existing one-time experiences such as social media, games or e-commerce.

But even with estimates putting the value of the metaverse sector at $376 billion by 2025, 2023 is described as a year in which investments in the metaverse will suffer from a cooling phase, a product of “cooling interest, financial obstacles and immaturity”. of enabling technologies.”

What do you think about the prediction that puts China above the Western world when it comes to metaverse investments? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. Describing himself as late to the game, he entered the cryptosphere when the price spike occurred during December 2017. He has a computer engineering background, lives in Venezuela and is influenced by the cryptocurrency boom on a social level, offering a different point of view on crypto success and how it helps the unbanked and underserved.

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