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Baidu’s Metaverse app doesn’t support digital assets as the tech giant is exercising caution

                                                            Chinesische Internet-Giganten rasen zum Metaverse.  Baidu ist zum einen ziemlich zuversichtlich, dass die vollständige Einführung seiner Metaverse-App mindestens sechs Jahre dauern wird.  Da der Tech-Riese jedoch mehr erkunden möchte, wird die App keine Unterstützung für digitale Assets hinzufügen.

Baidu’s Metaverse World

Ma Jie, vice president of the company, gave an insight into the timeline of the immersive digital world “XiRang” at “Create 2021”, Baidu’s annual developer event. Although the application has been in development for over a year, it may take an additional six years to roll out. According to Ma, XiRang can accommodate 100,000 virtual participants.

With XiRang, Baidu wants to develop an open source platform for Metaverse developers and build an infrastructure for a virtual world. The app is now available to developers, mainly in China.

Due to the strict regulatory environment, the board made it clear that the app does not support digital currencies or asset trading related to virtual real estate.

The main objective behind Baidu’s approach to staying away from crypto assets is to comply with a barrage of new regulations. This is because the Chinese government is known for its crackdown on monopoly practices by internet tech giants. Beijing’s long-standing suppression of the country’s tech companies has also led many to be cautious.

Chinese technology companies are adopting the metaverse

China had a new ban on in September this year Cryptocurrencies imposed, but there are still no laws on Metaverse. However, the state media has published numerous articles on the subject, which mainly consists of fraud risks related to it.

The People’s Bank of China (PBoC) also recently warned of the dangers of the metaverse and the NFTs. That being said, China’s stance on the sector is still ambiguous, there Crypto potato recently reported on the launch of the country’s first Metaverse industrial group. Called – the Metaverse Industry Committee, it is an organization that operates under the state-regulated China Mobile Communications Association (CMCA).

Technology companies, on the other hand, are registering Metaverse trademarks at a rapid pace. A recent report by the South China Morning Post found that as of December 19, over 1,360 domestic firms had filed 8,534 trademark applications related to the Metaverse. Some well-known companies are Baidu, NetEase Global, Alibaba, TENCENT and Bytedance.

Selected image courtesy of Wikipedia

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Source: Crypto News Deutsch

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