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Alibaba Hops on the Metaverse Bandwagon with New Business Unit

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  • Alibaba Group registered a software-development business.
  • The new unit in Beijing is called Yuanjing Shengsheng.
  • Analyst believes this is the step for Alibaba to penetrate the gaming and metaverse sector.

Chinese Giant Alibaba Group has registered a new business unit in Beijing called Yuanjing Shengsheng. This move intends to test out the gaming potential of the highly talked about metaverse–deemed the future of the internet.

Exclusively owned by Alibaba’s investment arm, Yuanjing Shengsheng has declared its major business as software development and services. This information is according to the public registry tracking firm Tianyancha.

With a registered capital of $1.6 million or 10 million yuan, the new unit reinforces Alibaba’s growing interest in metaverse. In detail, metaverse is an immersive 3D virtual space where people can interact with one another.

In recent news, Alibaba Group has launched its native non-fungible token (NFT) marketplace for copyright trading. With the participation of the People’s Government of Sichuan Province, the marketplace uses NFT tokens that are issued on the New Copyright Blockchain.

The New Copyright Blockchain was created by the Sichuan Blockchain Association Copyright Committee. In addition, this is the place where developers, writers, musicians, writers, and other professionals can sell their works in the form of non-fungible token (NFT). Moreover, for Chenyu Cui, a senior games research analyst at London consultancy Omdia, “This move reflects Alibaba’s strategy for the metaverse.”

She believes that Alibaba is choosing technology to penetrate the segment, which may open the doors for the e-commerce company to step into the gaming and virtual reality space once metaverse further develops. Cui further said:

[It’s] an effort to leverage its edge and cloud computing technology to establish the essential infrastructure for the metaverse.

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