Chinese state pumps money into metaverse stakes
Chinese local governments and state-backed entities are pumping money into companies involved in creating the so-called metaverse, as the country competes to become the global centre of the new digital craze.
On Wednesday, China’s newly formed Metaverse Industry Committee announced that 17 companies had been included in the organisation to “promote the healthy, orderly and sustainable development of the metaverse”.
The committee, established in October, aims for companies to discuss new rules, policies and projects. It is one of the many initiatives involving state-backed groups and local officials that are also seeking stakes in metaverse companies amid an investment frenzy.