Metaverse deals in the AR and VR space have dropped. Source: GlobalData
China aims to outpace advances in the West and position itself as a global hub for the metaverse, predicted to be worth $376B by 2025.
Despite strict regulations, China will continue investing in VR and AI to promote economic development, research firm GlobalData reports.
- The Chinese Ministry of Industry and Information Technology published a plan to combine VR with industrial applications.
- Deals in AR and VR dropped considerably in 2022, indicating a slowdown in overall metaverse investment.
- A metaverse winter throughout 2023 is expected as a result of cooling interest, economic barriers, and the immaturity of enabling technologies.
