Baidu’s Metaverse App Will Not Support Digital Assets Due to the Tech Giant’s Hesitancy
Although Baidu’s metaverse application may take more than five years to complete, it will not include cryptocurrency.
Chinese internet behemoths are vying for a piece of the metaverse pie. Baidu, for example, is quite convinced that it will take at least six years to completely deploy their metaverse application. However, as the tech giant continues to investigate, the app will not have support for digital content.
Ma Jie, the company’s Vice President, gave some insight on the schedule for its immersive digital environment ‘XiRang’ during a speech at “Create 2021,” Baidu’s annual developers’ event. Although the application has been in development for more than a year, its deployment might take another six years. Ma claims that XiRang has the capacity to welcome 100,000 virtual participants.
Baidu’s goal with XiRang is to provide an open-source platform for metaverse developers and a virtual world infrastructure. Developers, particularly in China, may now access the app.
Due to the strict regulatory environment, the executive stated that the app would neither enable digital currencies or the trade of virtual property assets.
Baidu’s primary motivation for avoiding crypto assets is to comply with an onslaught of new rules. This is because the Chinese government is well-known for its crackdown on internet tech firms’ monopolistic tactics. Beijing’s year-long crackdown on the country’s technological players has also encouraged many to tread carefully.
Chinese Technology Companies Adopt the Metaverse
China reinstated a ban on cryptocurrencies in September, but there are currently no regulations governing the metaverse. However, the state media has published several pieces on the issue, the most of which focus on the dangers associated with connected scams.
Recently, the People’s Bank of China (PBoC) issued a similar warning about the hazards of the metaverse and NFTs. Nonetheless, China’s position on the sector remains murky, as CryptoPotato recently reported on the establishment of the country’s first metaverse business organisation. Called the Metaverse Industry Committee, it will function under the auspices of the state-run China Mobile Communications Association (CMCA).
On the other hand, technology corporations are filing metaverse trademarks at a breakneck rate. According to a recent South China Morning Post storey, by December 19, over 1,360 domestic enterprises have filed 8,534 trademark applications relating to the metaverse. Several notable companies include Baidu, NetEase Global, Alibaba, TENCENT, and Bytedance.