China’s metaverse investments will outpace the West in 2023 🚀
💻 The metaverse race is heating up with news that Chinese investments in metaverse-related technology will surge past the West's advancements.
🚀 Research firm GlobalData predicts that these investments will highlight the value of the metaverse as a virtual world where users can share experiences and interact in real-time within simulated scenarios.
🌐 The technologies that make up the metaverse, including virtual reality (VR), artificial intelligence (AI) and augmented reality (AR), have seen an explosion in mainstream popularity since Mark Zuckerberg rebranded his company to Meta last year.
😮 However, this news comes after investments in two of the metaverse's main technologies, AR and VR, dropped considerably in 2022. With only $5.8bn invested globally, this figure decreased by more than half from the previous year.
🌇 Despite this slowdown in investment, China will continue to invest in VR and AI to promote economic development, and the predictions from GlobalData are that the metaverse will be worth $376bn by 2025.
🧊 GlobalData has predicted a 'winter' throughout 2023 where cooling interest, economic obstacles, and the immaturity of enabling technologies will lead to a slowdown in the industry. However, China's emphasis on VR, AR, AI, and 6G aims to position the country as a global hub for the metaverse.
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