China’s Taiyi Group acquires Huobi’s communication tool to explore Metaverse

Chinese companies are increasingly focusing their attention on the development of the metaspace. Despite top-down government control, companies have made heavy investments in both hardware and software.

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

• According to recent reportthe goal is to develop Huoxin into the world’s first social platform with a focus on data storage and metaverse development.
• Huoxin will be in charge of completing the optimization and upgrading the product functions.
• Its responsibilities also include the creation of digital collections and cross-linking communities
• The social instant messaging platform was first launched by Huobi in 2018.
• It reportedly invests over 100 million yuan in R&D and operations every year.
• Since its launch, Huoxun has managed to attract over 7 million registered users.
• On the other hand, Taiyi Group’s metaverse platform – Taiyi Lingjing – has created a number of transferable IPs related to cultural tourism, such as Lingjing Temple of Heaven, Lingjing Forbidden City, Datang Lingjing, Lingjing Chongqing, etc.
• The development comes a month after Huobi founder Li Lin was reportedly considering leaving the company.
• As reported by Hidden potato earlier, Lin was trying to sell his stake in the popular crypto exchange.
• Due to a widespread crackdown on cryptocurrencies by Chinese lawmakers last year, Huobi was forced to close stores in the country.
• However, the metaverse has become a new buzzword in China.
• Tech giants such as Baidu, Tencent and Byte Dance have already started investing in the space.