China Is Predicted To Be The Leading In The Global Metaverse Industry In 2023

China is said to be leading the metaverse industry. (Photo; Doc. Unsplash)

JAKARTA - The development of digital technology has a significant impact on the development of the entertainment industry. One of the newest technologies that is currently being discussed is the metaverse, a virtual world that is expected to provide a more in-depth interactive experience for users.

While current interest in the metaverse appears to be declining, a recent report revealed that China is trying hard to become a leading country in this technology.

With large investments in supporting technologies such as artificial intelligence (AI), virtual reality (VR), and augmented reality (AR), China is believed to be able to place itself as the center of the metaverse and global 6G network by 2023.

Although interest in the metaverse appears to be declining worldwide, China is still trying to become a leader in the industry. Based on reports from Globaldata, China is trying to surpass Western countries in terms of metaverse technology, as the country will continue to invest funds in the technology associated with the industry.

The report states that China's importance in this accessories technology will allow it to become the center of the metaverse. The report states: "The increasing emphasis on VR, AR, AI, and 6G aims to go beyond progress in the West and put China as a global center for the metaverse."

In addition, Globaldata believes that there are signs showing that China will continue to invest in virtual reality technology and artificial intelligence with the aim of promoting the country's economic development. Several provinces and cities in China have also presented plans to become centers of metaverse technology, including Shanghai and Zhejiang.

While the metaverse is generally associated with software and hardware dedicated to consumers, reports propose that the metaverse in China will likely focus more on industry and benefits that can be obtained from the technology in industrial processes.

China's Ministry of Industry and IT recently released reports on VR and metaverse technology applications into industrial processes, showing how this technology can be efficiently mixed. Globaldata predicts that the metaverse will be more valued than any other technology because of the possibilities it presents.

"China's investment in metaverse-related technology will highlight the value of the metaverse compared to one-time experiences such as social media, gaming, or e-commerce," wrote a Globaldata statement quoted from Bitcoin.com News.

However, despite estimates of placing the value of the metaverse sector of US$376 billion by 2025, 2023 is described as the year in which investment in the metaverse will experience a declining phase, as a result of "decreasing interest, economic barriers, and the maturity of the technology that allows it".