Explained: China's splash in the metaverse pool

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Editor's note: It may be the big buzzword in technology, but the metaverse—what it means, what it entails and so on—remains a virtual mystery for most. In January, Microsoft cited it as a reason for its acquisition of Activision Blizzard for a whopping $68.7 billion, saying it will provide “building blocks for the metaverse”. Last year, Facebook rebranded itself as Meta Platforms and saw founder Mark Zuckerberg talking up the technology endlessly. Meta’s Reality Labs segment has already pumped $10 billion into the metaverse—an astronomical figure that comes amid Facebook’s first ever fall in user growth in the December quarter. Google and Apple also seem to be working on devices and technologies that would work in the metaverse. The South Korean government has announced it will support metaverse companies. Indian firms ranging from Infosys to Tech Mahindra have said they want in too. So, what is the metaverse? The metaverse refers to a virtual world that incorporates various elements of augmented reality, virtual reality and social media. For some, cryptocurrency and blockchain applications will also be a core part of this. Think …