Alibaba Jumps On The Metaverse Bandwagon With Proposed Gaming Unit
Metaverse has created quite a stir, with tech and cryptocurrency projects making a beeline into this virtual world. Not wanting to be left behind, Chinese Internet tech giant $Alibaba (BABA.US)$ is drawing up the blueprint for its own metaverse.
What Happened: Alibaba has registered a new company named Yuanjing Shengsheng in Beijing to test the gaming potential of the metaverse, the South China Morning Post reported.
Yuanjing Shensheng has been registered as a company offering software development and services and has 10 million yuan ($1.6 billion) in registered capital, the report said, citing public registry tracking firm Tianyancha.
A report in a local media outlet, citing unnamed Alibaba staff, said the unit is likely to focus on the metaverse.
The development, according to the report, underlines Alibaba's intent to make a splash in the metaverse following similar actions by its Chinese peers, including $Tencent (TCEHY.US)$ , $Baidu (BIDU.US)$ and $NetEase (NTES.US)$ .
The setting up of the unit is to leverage the company's edge and cloud computing technology to establish the essential infrastructure for the metaverse, the SCMP reported, citing an analyst at Omdia.
Alibaba has already submitted applications to trademark the Chinese terms for "Ali Metaverse," "Taobao Metaverse" and "DingDing Metaverse," the report said.
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Matthew D : Hopefully more news on this tomorrow on the conference! Will be big
Path To Wisdom : Consider max already, the heat of this news worn off very fast.
for hedge funds
Hedge funds have done it role to pump the stocks price to attract retail investors for cash out profits.
News is tool to make quick bucks
We waiting for Fred outcome now.
T将军 : thinking maybe charlie munger bought more to average down the price![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")