In 2021, the Chinese government set Metaverse technology development as an objective for the country’s economic growth. With government incentives and a strong interest from Chinese consumers, Chinese tech giants have aggressively invested in Metaverse technology and applications ever since. VR enhanced gaming is of course one of those applications, but those technologies apply far beyond the world of video games. From virtual try-ons in retail stores to marketing campaigns based on metahuman influencers, Chinese firms are already using tomorrow’s Metaverse technologies to create ever increasingly engaging consumer experiences.
In this report made in collaboration with AYO Consulting, you will find an analysis of China’s metaverse and the various applications of its technology in retail.
Download to learn:
- What Metaverse technologies companies can leverage to boost sales in China
- Which companies are developing those technologies in China
- How VR and AR enhance the shopping experience of Chinese consumers
- How is the legal environment shaping the NFT and cryptocurrency landscape in China
- How and why companies are using metahumans to conduct marketing campaigns in China
- What are the benefits of hosting virtual events, with some Chinese case studies
Key stats on the Metaverse in China:
- After the creation of the Metaverse Industry Committee in 2021, financing of Metaverse related projects reached 5.7 billion US dollars in China the same year. In 2022, from January to March alone those investments jumped to 8.1 billion US dollars.
- Chinese giants are heavily investing in Metaverse related technologies. Among them, Bytedance acquired the third largest worldwide VR set maker Pico for 5 billion RMB.
- As of 2021, Huawei was the first 5G patent holder in the world at 15.4% of all 5G related patents.
- The AI core industry in China was worth 189 billion RMB, almost doubling over two years.
- The virtual idol market in China was worth 101 billion RMB in 2021 and is projected to triple by the year 2023.