Bytedance reportedly joined VR with a 5 billion Yuan investment, VR Gyro News stated on August 26. However, while the firm has made no official pronouncements regarding its foray into the metaverse, its actions speak louder than words.
Bytedance, the Chinese internet powerhouse and parent firm of TikTok, may reportedly enter the NFT marketplace. Zhang Yiming, the founder of Bytedance, recently joined a WeChat NFT group, revealing the company’s future ambitions. According to reports, Bytedance will buy Pico, a virtual reality (VR) company, as confirmation of its entry into the Non-Fungible Token (NFT) space. China’s Internet and virtual reality manufacturing behemoths to form a crypto cooperation
Pico is China’s largest manufacturer of virtual reality devices. According to the IDC report, it has earned the #1 position in the Chinese virtual reality industry in 2020. Additionally, Pico secured a Series B financing transaction worth RMB 242 million in March of this year. In 2021, the Chinese VR manufacturer debuted the Pico Neo 3 VR all-in-one, which retails for 2499 Yuan. The launch was a surprise success, with over ten million units sold in just 24 hours.
China may witness a crypto-supporting rebellion.
Bytedance’s acquisition of Pico has the potential to alter the course of China’s crypto crackdown. The two businesses’ dominant market positions may exacerbate the underlying unrest in China against the government’s crypto crackdown.
China is witnessing a continuous rise in insurgency while the government works hard to expand CBDCs and eliminate the decentralized system in the country. Powerbridge Technologies Co., Ltd., a Chinese provider of SaaS solutions and Blockchain apps, recently announced a cooperation with Cryptodigital Holdings Ltd. to jointly develop crypto mining equipment. By October 2021, Powerbridge intends to acquire 5,600 Bitcoin (BTC) and Ethereum (ETH) mining rigs.
Additionally, the firm stated that once the initial operations of mining rigs are complete, and with the possibility for expanded crypto production, they intend to purchase additional mining rigs in the near future. Following Powerbridge’s foray into the crypto industry, China’s district court endorsed Bitcoin. In a newly published document, the court declared Bitcoin to be digital property.
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