02/15/2022
Despite heavy regulations and expected censorship, China’s top tech companies plan to embark on the metaverse as well, a potential market of about $8 trillion, according to Morgan Stanley (NYSE:MS).
Chinese tech giants are following in the footsteps of US global competitors such as Meta – Facebook (NASDAQ:FB) and Microsoft (NASDAQ:MSFT), which have acquired the gaming company, Activision, for this purpose.
However, Chinese tech companies are beginning their foray into the virtual universe cautiously. It is expected that in the future the government will also control the contents of the metaverse and apply a very strict regulatory regime.
Since last year, Beijing has been enduring controls on the activity of its technology companies. The Xi Jinping government has clipped the wings of private companies and has prioritized the development of its state-owned technology companies.