ByteDance Debuts in the Metaverse With New Social App

ByteDance tested a social app called Party Island — the first metaverse social product it has launched. But will it become the metaverse’s Facebook? 

What Happened: After the local search engine Baidu launched the first metaverse social app, Xirang, last year, another Chinese tech giant joined the global race to master this latest technology. TikTok’s owner, ByteDance, is now testing its first metaverse social app called Party Island. The social network app creates a parallel online universe, where people can meet up, chat and join events in real-time, but through avatars instead of in the real world.

Party Island supports the same login method as Douyin (China’s TikTok) through a mobile phone number. Since it is currently in the testing stage, an invitation code is required to enter the platform.

The Jing Take: The metaverse was one of 2021’s hottest buzzwords in China, and that momentum should continue to grow in 2022. The Ministry of Industry and Information Technology (MIIT), one of China’s top regulators for the internet industry, plans to cultivate 3,000 startups in the fields of metaverse, blockchain, and AI. According to PwC, the metaverse-related economy will usher in substantial growth, and the market size is expected to reach $1.5 trillion by 2030. These numbers are very tempting, but only a few brands, such as Gucci, Prada, and Nike, have entered the metaverse thus far. Many others have taken a more cautious approach. Continue to read the full article here