In the future, the metaverse could be split into two: China and the rest of the world.
Even matters as inherently apolitical as health policy could spur clamp downs. China is currently waging a battle against myopia among its youth, blaming gaming companies like Tencent for exacerbating the problem. A generation of children masked by VR headsets doesn’t help the cause. And that’s in addition to authorities wagging their fingers at the “lie flat” movement, a philosophy that’s gained currency among youths seeking to check out of the relentless corporate rat race.
Despite the uncertainty, companies and investors aren’t holding back when it comes to investing in and preparing for what could be the next big thing. The number of applications for trademarks related to the metaverse tripled in the three months after Zuckerberg’s switch to more than 8,500 in China. Tencent’s making preparations as well. Martin Lau, its president, has said that the company has the technology and know-how to build the metaverse, thanks to its enormous gaming and social media cred. It’s already the Chinese local publisher for Roblox’s gaming platform, which allows users to create virtual worlds and is regarded by many as a viable early iteration of the future metaverse.
The ideal version of Web3 “is an executable Magna Carta—the foundation of the freedom of the individual against the arbitrary authority of the despot.” The promises of Web3 are enticing enough, so much so that corporations and venture capitalists are already rushing into the space, creating memes that have made the concept somewhat amorphous.
Developing Web3 in China is almost impossible, as everything about the concept contradicts the government’s central priorities, namely maintaining control over content and infrastructure. And by limiting its own technology corporations, China might lose out on what could become the next wave.
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