Baidu’s metaverse implementation could take more than five years to develop. However, cryptocurrencies will not take place in the metaverse.
Baidu estimates that metaverse development will take exactly six years.
Baidu’s Metaverse
Baidu’s vice president, Ma Jie, took the floor at the developer event Create 2021. According to Jie, the immersive digital world XiRang can host 100,000 virtual participants.
With XiRang, Baidu wants to develop an open-source platform for metaverse developers and create a new infrastructure for a virtual world.
The company announced that due to regulatory measures in China, the app will not support trading digital currencies and assets associated with virtual properties.
Metaverse Studies Increasing in China
Although China banned cryptoassets last September, no regulation on the metaverse has been made so far.
The People’s Bank of China has issued several warnings against the dangers of metaverses and NFTs. However, despite all this, Chinese companies continue to work on the metaverse.