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Last year, another Chinese tech giant joined the global battle to grasp this latest technology, following the debut of the first metaverse social app, Xirang, by local search engine Baidu. ByteDance, TikTok’s owner, is testing its first metaverse social app, Party Island.
The social networking program provides a parallel online realm in which users may meet up, chat, and attend events in real time, but through avatars rather than in person.
Party Island supports the same login method as Douyin
Party Island uses the same mobile phone number login mechanism as Douyin (China’s TikTok). To access the platform, you’ll need an invitation code because it’s still in testing.
In China, the metaverse was one of the hottest buzzwords in 2021, and that enthusiasm expects to continue in 2022. One of China’s key internet regulators. The Ministry of Industry and Information Technology (MIIT), wants to nurture 3,000 businesses in the disciplines of metaverse, blockchain, and artificial intelligence.
The metaverse-related economy will usher in substantial growth
According to PwC, the metaverse-related economy would experience significant growth, with a market size of $1.5 trillion predicted by 2030. These figures are enticing, but just a few brands, including Gucci, Prada, and Nike, have so far entered the metaverse. Others, on the other hand, have chosen a more cautious approach.
The president of the luxury giant LVMH, Bernard Arnault, said during his annual investor presentation that he is tracking the space progress. However is not in a hurry to sell virtual clothes like Gucci for $12. The chairman was more concerned with how to maintain luxury’s exclusivity in this new universe. Anticipating a more defined metaverse before entering the industry. One Facebook was successful out of many, he said.