Fabernovel - Into the Chinaverse: How the Meta wave is hitting China?
As part of the run up to CBBC's flagship consumer conference of the year: China Consumer 2023, CBBC and our speaker Fabernovel, explore the future of China's Metaverse with a new report.
Once imagined as utopian or dystopian virtual spaces, the concept of the Metaverse is now becoming a reality. Tech giants have already started to build it: from the hardware and infrastructure to the 3-dimensional content. Companies, such as Nike, Dior, L’Oréal, Moncler, and Tesla are racing to test and experiment in this exciting new field.
According to analysts, by 2024 the Metaverse market could approach a USD $800 billion valuation, compared to USD $500 billion in 2020 (Bloomberg). Investors can even trade Metaverse ETFs on financial markets. A new Internet economy is on the rise where Internet giants continue to be driving forces alongside emerging companies, providing infrastructure, human interface solutions (VR, AR, XR), decentralized platforms, AI, and content (avatar, NFTs).
Fabernovel's study, Into the Chinaverse, helps entrepreneurs and decision makers better understand how Chinese tech giants, Alibaba, Tencent, Baidu, and ByteDance have planned to participate in this new market. What are the next-gen startups to watch? And how are brands experimenting to capture the attention of Gen-Z in China or re-invent new consumer scenarios?