The Great Divide Between Metaverses

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If you spend any time on the internet, you would have heard that virtual land plots are increasingly selling out (some at unbelievable prices) across multiple metaverses. 

A Space Dominated By American Firms

Today, virtual real estate markets are a critical aspect of metaverses — virtual worlds where users can work, socialise, shop and game, using augmented and virtual reality. 

And, USA is at the forefront of this virtual frontier, with investors from Asia, Europe and the Middle East buying virtual real estate, in metaverses created on its shores. 

Wait A Sec, Says China

In November, China formed the Metaverse Industry Committee, affiliated with the state-supervised China Mobile Communication Association, to explore metaverse platform development. 

Tencent, China's biggest internet game company, has welcomed potential business opportunities in the metaverse and numerous Chinese companies are rushing to register their metaverse related trademarks.

However, as Chinese tech giants, keen to get into the market face statutory roadblocks, a rift is beginning to show. 

Google, Twitter And Now Metaverses?

Dr Li Wei, a China economy expert at the University of Sydney, feels that as China develops metaverses, there is a possibility of another technological divide.

Currently, the Chinese can buy virtual property only in Chinese metaverses using the local yuan currency rather than crypto.

Under the current geopolitical situation, Li thinks it is possible to see two metaverses: the Chinese metaverse within the Great Firewall and the Western one outside.

And what Beijing ultimately decides for it's metaverses could drastically re-shape the way businesses move from the real world into virtual ones.