Chinese corporations offer metaverse World Cup visualizations, X2Y2 retrospectives on royalties, and more.

People have said that many tech companies in China are working to make it possible for Chinese soccer fans to watch the FIFA World Cup in the metaverse.

These initiatives are part of a five-year plan that the Chinese government unveiled in early November with the intention of improving capabilities and fostering the growth of the local virtual reality (VR) industry.
According to a report by the state media Global Times published on November 20, the video streaming platform Migu is one of six Chinese companies that have secured the rights to show the World Cup. Migu plans to create a “Metaverse-like” space that will allow users to watch a live stream of the game while wearing a virtual reality headset.
ByteDance, the company that owns TikTok and its Chinese version, Douyin, received the license rights to broadcast the competition. ByteDance’s VR headset subsidiary Pico will offer live broadcasts of the World Cup, and users will have the ability to create and congregate in “digital rooms” to watch the game together.
It seems China’s still-new virtual reality (VR) business is using the World Cup to test the technology.
On November 1, the nation’s Ministry of Industry and Information Technology pushed through an ambitious industrial strategy, along with four other agencies in the country.
Although China’s five-year plan for 2022-2026 says it wants to upgrade its virtual reality (VR) industry and ship more than 25 million units worth $48.56 billion, the plan doesn’t say whether this goal It is for each year or for the entire plan.
The plans are silent on whether or not the metaverse would use blockchain technology, like the city of Wuhan’s proposal, which was later changed to remove any mention of non-fungible currencies (NFTs).
X2Y2 reduces the amount of optional royalties. The NFT X2Y2 marketplace has backed down from its voluntary royalty policy, saying in a Twitter thread dated November 18 that it would once again impose creator royalties on all current and future collections.
In August, the marketplace was one of the first to implement alternative royalties. At that time, it moved to a system known as “flexible royalty,” which allows buyers to choose the amount of royalty they would pay.
The NFT community responded in different ways.

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