China’s Taiyi Group has acquired Huoxun’s social platform to build a data warehouse.
Taiyi Group intends to develop Huoxin into the world’s first social platform with a focus on the development of the metaverse.
The Huoxin tool will enable users to create digital collections and communities in the metaverse. The instant messaging platform was launched by Huobi in 2018. Since then, the site has managed to attract more than seven million active users.
Taiyi annually invests more than 100 million yuan (about $15 million) in research and development related to new technologies. A series of tourism-related addresses have appeared in the Taiyi Group metaverse, such as Lingjing Temple of Heaven, Lingjing Forbidden City, Datang Lingjing, Lingjing Chongqing, and more.
Last year, Chinese lawmakers actively suppressed cryptocurrency transactions, and Huobi was forced to close its representative office in the country. Metaverses have become a popular trend in China, supported by officials. Tech giants such as Baidu, Tencent and Byte Dance have already started investing in virtual space. Earlier, the Shanghai authorities announced that they would invest $52 billion in the metaverse industry.
Source: Bits
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