China, and especially its youngsters, are paving the way into the metaverse, says innovation expert Arnold Ma, founder of Qumin, in Techround. For example, when it comes to funding of charities, he adds. “China’s younger generations are highly receptive to emerging technologies, so a metaverse version of an initiative like 99 Giving Day, powered by WeChat or a future platform, would be a powerful way to attract more funding.”
“A lot of discussions this year have been around how the metaverse is dead and ChatGPT is king. But the scene in China looks different. Zhongguancun, which is like the Silicon Valley of Beijing, released a white paper earlier this summer calling Web3 and the metaverse an ‘inevitable trend for future Internet industry development’. Far from just being a fleeting commercial opportunity, the metaverse is clearly at the heart of China’s vision for a world-leading digital economy.
“Part of what sets China’s approach apart is the emphasis placed on harnessing Web3 innovations for common prosperity, which means putting technology to work to make society more equal. Tencent has already been driving forward a new era of Internet-based philanthropy in China with its long-running flagship initiative 99 Giving Day. This gamified version of donating, which allows people to support their favourite charities easily via WeChat, has helped lower the barrier to entry in philanthropy and unlock millennials and Gen Zers as active contributors.
“There is massive potential to migrate this approach to a metaverse space. China’s younger generations are highly receptive to emerging technologies, so a metaverse version of an initiative like 99 Giving Day, powered by WeChat or a future platform, would be a powerful way to attract more funding, and at the same time kickstart the process of integrating Web3 into wider society.”
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