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Chinese companies are increasingly focusing on developing virtual worlds. Despite top-down state control, companies have invested heavily in both hardware and software.

Taiyi Group is one of them, and has announced the acquisition of Huobi’s communication tool, called Huoxun.

  • According to the most recent Reportthe goal is to make Huoxin the world’s first social platform focusing on data storage and Metaverse development.
  • Huoxin will be responsible for completing the optimization and upgrading of product functions.
  • Its responsibilities also include building digital collections and the Metaverse community
  • The instant messaging social platform was first launched in 2018 by Huobi.
  • It reportedly spends more than 100 million yuan annually on R&D and operations.
  • Since its launch, Huoxun has managed to attract more than 7 million registered users.
  • On the other hand, Taiyi Lingjing, a platform of Metaverse under Taiyi Group, has created a series of cultural and tourism-related metaspace IPs, such as the Temple of Heaven, Lingjing Forbidden City, Datang Lingjing, and Lingjing Chongqing.
  • The development comes a month after Huobi founder Li Lin was reported to be considering exiting the company.
  • According to reports encrypted potato Earlier, Lim was looking to sell his stake in the popular cryptocurrency exchange.
  • Huobi was forced to close stores in the country due to a broad crackdown on crypto businesses by Chinese lawmakers last year.
  • However, Metaverse has become a new buzzword in China.
  • Tech giants such as Baidu, Tencent and ByteDance have already started investing in the space.
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