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Chinese companies are increasingly turning their attention to the development of the metaverse space. Despite top-down government control, companies have made large investments in hardware and software.
Taiyi Group is one such organization that has now announced the acquisition of Huobi’s communication tool Huoxun.
According to a recent report, the goal is to make Huoxin the world’s first social platform focused on data storage and metaverse development.
Huoxin is tasked with completing optimization and updating product features.
His responsibilities also include building digital collections and metaverse communities
The social instant messaging platform was first launched by Huobi in 2018.
The company reportedly invests over 100 million yuan in R&D and operations every year.
Since launch, Huoxun has managed to attract over 7 million registered users.
The social instant messaging platform was first launched by Huobi in 2018.
The company reportedly invests over 100 million yuan in R&D and operations every year.
Since launch, Huoxun has managed to attract over 7 million registered users.
On the other hand, Taiyi Group’s metaverse platform – Taiyi Lingjing – has created a number of cultural tourism-related metaverse IPs, such as Lingjing Temple of Heaven, Lingjing Forbidden City, Datang Lingjing, Lingjing Chongqing, etc.
The development comes a month after Huobi founder Li Lin reportedly considered exiting the company.
As previously reported by CryptoPotato, Lin wanted to sell his stake in the popular crypto exchange.
Due to a sweeping crackdown on crypto operations by Chinese lawmakers last year, Huobi was forced to close stores in the country.
However, metaverse has become a new buzzword in China.
Tech giants like Baidu, Tencent and Byte Dance have already started investing in the space.
