“Baidu’s Metaverse app will not support digital assets”, Ma Jie

• Baidu’s metaverse app Xi Rang might take six more years to launch completely. 
• The Vice president, Ma Jie, also mentioned that the app would not be supporting any digital assets in any format. 
• Chinese tech firms rush to file more trademarks as the hype around metaverse continues to grow. 

The worlds of metaverse & cryptocurrencies are raging onto the economics, making it worthy of people’s hype; while the prior is still in its developments by various corporations, the latter is slowly launching itself into the mainstream. While the collaboration of both worlds seems likely, the same cannot be said for China. It has imposed a blanket ban on all cryptocurrencies, which has led to companies deciding not to include it in their worlds of metaverse. 

While China’s largest internet companies are racing to introduce the world of metaverse to their users, Baidu will take 6 more years for its metaverse to be completely launched. While the tech company is still exploring how a metaverse can be featured, it has decided not to include digital assets in its virtual world. 

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While addressing the events of “create 2021”, Baidu’s vice president Ma Jie elaborated on the project while stating that the immersive digital world, Xi Rang has been in development since past year, it would take six more years for the company to launch the project while also mentioning that it could host 100,000 virtual attendees. 

Due to the blanket ban imposed by China, the executive confirmed that the virtual world would not support digital currencies or the trading of digital assets embedded in the virtual world. While the CCP government is famous for crackdowns of monopolistic activities & rigorous punishments, Baidu is keen on evading any such conditions where it is found to violate the Chinese law. 

Recently, The People’s Bank of China (PBoC) also raised concerns & warned against the dangers of NFTs & metaverse, while reports suggest that the government is about to launch its Metaverse Industry Committee (MIC), which will be operating under state-supervised China Mobile Communication Association (CMCA). 

While such reports cause a tinge of uncertainty, it is safe to say that China is still pondering upon the ambit. The tech companies are, however in no zone to miss the opportunity. At the same time, the south china morning posts report that over 1360 local firms had submitted 8,534 applications of trademarks related to the metaverse phenomena.