Chinese companies are increasingly focusing their attention on developing the metaverse space. Despite the top-down state control, companies have made big investments in both hardware and software.

Taiyi Group is one such organization that has now announced the acquisition of Huobi’s communication tool, dubbed Huoxun.

  • According to a recent report, the goal is to develop Huoxin into the world’s first social platform with a focus on data storage and the development of metaverse.
  • Huoxin will be tasked with completing optimization and upgrading product functions.
  • Its responsibilities also include building digital collections and metaverse communities
  • The instant messaging social platform was first launched by Huobi in 2018.
  • It reportedly invests over 100 million yuan in R&D and operations every year.
  • Since launching, Huoxun has managed to has attracted over 7 million registered users.
  • On the other hand, Taiyi Group’s metaverse platform – Taiyi Lingjing – has created a series 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’s founder Li Lin was reportedly looking at exiting the company.
  • As reported by CryptoPotato earlier, Lin was looking to sell his stake in the popular crypto exchange.
  • Due to an extensive clampdown on crypto operations by Chinese lawmakers last year, Huobi was forced to shut shops in the country.
  • However, metaverse has become a new buzzword in China.
  • Tech giants such as Baidu, Tencent, and Byte Dance have already started investing in the space.

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