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The Hang Seng Indexes Company Limited compiles and manages the Hang Seng Family of Indices. It recently launched the China Metaverse Index of Hang Seng. The new index aims to evaluate the performance of mainland Chinese Metaverse companies. The creation of the index was due to investors' growing interest in the Metaverse as an investment idea. In a press release, the business stated that developments in the metaverse, including virtual reality (VR), gaming, and other digital experiences that use advanced technology in virtual spaces, have captured people's attention around the globe. As a result, investors are increasingly having an interest in them as investment themes. Based on this trend, the Hang Seng China Metaverse Index attempts to demonstrate the performance of mainland China companies in business, value chains, and metaverse-related development. The metaverse index will also partner with the E-Commerce Index, the NextGen Communications Index, and the Generation Z Index, among other new services. The index consists of the following fundamental tokens:
- Axie Infinity
- Decentraland
- Sandbox
- Enjin
- WAXE
- Rally
- Audius
- Yield Guild Games
- Decentral Games
- Ethernity Chain
- NFTX
- Whale
- Terra VirtutiKolect
- Rarible
- REVV
How Will The China Metaverse Index Measure the Performance of Metaverse-Related Companies
The company said in a statement that the design of the China metaverse index is to demonstrate how well mainland China companies are performing in terms of business, value chains, and metaverse-related development. Developments in the metaverse, including virtual reality, gaming, and other digital experiences that use advanced technology in virtual spaces, have captured people's attention worldwide. Furthermore, they are becoming increasingly popular investment themes. The genomics and oncology index would monitor companies' research and production of products and services in relation to genomics or oncology. The chief index officer, Daniel Wong, explained that new megatrends greatly impact our lives each day. The design of the new megatrend indexes is to help investors identify potential opportunities in the stock markets of mainland China and Hong Kong arising from these new and evolving trends.
Metaverse is Becoming More Popular
Metaverse is gaining increasing popularity around the world. Even though the crypto market is in a bear trap, the technology has numerous applications in daily life. This includes gaming, conducting business meetings, and creating an immersive virtual office. The blockchain technology which houses the Metaverse is rapidly evolving. As more businesses adopt blockchain, related technologies such as Metaverse, DeFi, and others will expand at a rapid rate. Quik.com, a marketplace for buying and selling NFT domains, has just begun minting metaverse NFT domains. Also, large corporations such as Facebook, Nvidia, and Microsoft are investing heavily in this sector.
Chinese Technology Companies Investing in the Metaverse
Based on VR and AR technology, China is constructing its version of the metaverse. This is the next step for businesses and startups, particularly in the tech industry, but not exclusively so. A recent report indicates that Chinese citizens are particularly interested in the metaverse. As a result, leading Chinese tech companies have already begun investing in the market. This market could be worth as much as $8 trillion in the future. Some of these companies include:
Baidu
Baidu was the first corporation to release a metaverse application. Its release was in December 2021 and had the title Land of Hope. This signified the Chinese tech titan's entry into the global metaverse competition. The software enables users to interact in a virtual world by enabling the creation of avatars. The app debuted in January 2022 and presented users with various virtual scenes that blended Chinese history and futuristic designs. An excellent illustration of this is a futuristic version of the ancient Shaolin Temple.
Tencent
Tencent is popularly known as the Chinese company that created WeChat. It is a global leader in the internet and technology. It has taken several steps to virtualize its social services. For instance, it added the Super QQ Show feature to the QQ platform. This gave users a 3D space to interact and play games together. Does this ring a bell? The company originally conceived the idea. However, the idea came back to life because new competitors entered the market. In 2022, Beijing Yidian Entertainment Technology Co., Ltd. launched an application titled Jelly. This application allows users to create online versions of themselves and communicate with up to 50 friends. On February 8, 2022, it surpassed WeChat to become the most downloaded iOS app in China. In recent years, it was the first social media application to surpass WeChat. Even though many concurrent users caused the program to slow down and crash, temporarily preventing people from signing up for new accounts, the experience taught the tech giant a valuable lesson about where to invest its capital.
Byte Dance
Byte Dance, the parent company of TikTok, has developed two metaverse applications: Party Island for the Chinese market and Pixsoul for Southeast Asia. Users can create and use virtual characters to communicate with their friends with these two programs. The company explained that these projects are intended as an alternative to the metaverse. This is because they undergo modification and can only be accessed with a unique invitation code.
Conclusion
Investor interest in the metaverse concept is at an all-time high, prompting the decision to develop the index. Investors aren't the only ones who have an interest in metaverse projects. Hence, the metaverse theme is attracting a lot of interest from people all over the world who want to try it out. Virtual reality (VR), digital experiences, gaming, and advanced technologies in virtual worlds are propelling blockchain enterprises forward.