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The Developer Genshin Impact Begins A New Project, The HoYoverse teases the metaverse

MiHoYo, the creator of the popular video game Genshin Impact, announced the debut of HoYoverse on Monday, indicating its entry into the metaverse race.

So, MiHoYo CEO Haoyu Cai stated in a statement that the company hopes to create a virtual world with a “high level of flexibility and immersion.”

MiHoYo is most known for the RPG game Genshin Impact, which grossed nearly $2 billion in its first year of release in 2020 and was the highest-grossing mobile game in the world in September of last year, with US$341.7 million in player expenditure.

China has taken attempts to stifle the growth of blockchain-based applications like non-fungible tokens (NFT) and cryptocurrencies, and a think tank within the Ministry of State Security warned in October that the metaverse might constitute a national security danger.

Global internet heavyweights like Microsoft and Meta have already hopped on the metaverse bandwagon, as have Chinese tech giants like Tencent and ByteDance.

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