Bilibili Tests “UPowerchain” to Start Metaverse Business

According to a Monday report by TechPlanet, Chinese video streaming platform Bilibili is testing its “UPowerchain” related to the firm’s Metaverse business. An individual familiar with Bilibili said that UPowerchain is a digital native community built for new applications, cultures, games and digital assets, and it will also support community governance in the future.

According to the test screenshots shown in the news, “UPowerchain” is a kind of “Metaverse ecology,” aimed at creating an open, innovative, and inclusive digital native community. Blockchain is the underlying technology necessary to build Metaverse.

In addition, it should be noted that UPowerchain will also be applied in the upcoming new generation digital world “Metaverse.” The Metaverse of Bilibili will soon be open to the public.

At present, the vision of UPowerchain is to provide channels for digital asset mapping token, invite diversified applications to join this ecology, realize digital asset circulation across applications, and provide users with diversified usage scenario and display stages, so as to become the “possession identity authentication + asset repository” of organizations or individuals.

On the Metaverse, Bilibili has its own thoughts. “At present, almost all discussions about Metaverse are at the media and capital level while few people who make products talk about the Metaverse. It is because there must be enough breakthroughs on the products and technologies to realize the Metaverse, which can not be achieved in the near future. However, to be honest, the realization of it can really bring users a better experience and a better vision, as well as one more choice,” Bilibili CEO Chen Rui said.

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Bilibili‘s Metaverse is based on blockchain technology, which means that blockchain is an important underlying technology playing an important and supportive role in identity authentication mechanism, economic system construction and creator value guarantees. Bilibili hopes to utilize blockchain technology to complete the layout of the core components of the Metaverse.

“I think the most important thing in the concept of Metaverse is to have self-circulating ecological supply of content, which can’t be done by a single company. After all, to build a new Metaverse world, there must be many creators, and they also need to make money in it. This is the very idea that the Bilibili ecology has been adhering to. Virtual uploader is a good example. By motion capture, Uploaders become another image, which is welcomed by many followers,” Chen Rui said.