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In order to reduce costs and increase efficiency, ByteDance had cut the project team for social metaverse app Party Island, and that relevant staff had returned to their original teams.
This week: Beijing announces a two-year plan for metaverse innovation and development, Huobi-backed NFT platform iBox to halt international operations, The Sandbox launches its newest Alpha season, and more.
As of October 12, a subsidiary of Chinese multinational entertainment company Huayi Brothers Media Corp. held 20% of shares in Metaverse Culture and Entertainment Management (Qingdao) Co., Ltd., and James Wang, one of Huayi Brothers' founders, was serving as its director.
This week: US game developer Unity to spin off China unit to tap the country's metaverse market, Chinese bitcoin mining rig maker Canaan mulls US expansion despite crypto winter, and more.
On October 28, Shenzhen-based consumer-grade wireless AR glasses manufacturer INMO released its second generation AR glasses INMO Air2, a smart ring INMO Ring, and INMOVERSE, a metaverse application.
On September 1, the 2022 World Artificial Intelligence Conference (WAIC) commenced in Shanghai with the announcement of its top award, the Super AI Leader (SAIL).