The Guangdong-Hong Kong-Macao Metaverse Think Tank was established in Guangzhou's Tianhe district on April 8, becoming the first of its kind in the Guangdong-Hong Kong-Macao Greater Bay Area.

Through the think tank, a group of experts and resources in metaverse theoretical research, core technologies, and application scenarios will be gathered to promote the development of the metaverse industry in Tianhe, Guangzhou, and even the Greater Bay Area, advancing technological innovation in the district, said Song Aiping, director of the Tianhe bureau of industry and information technology.

The think tank's first group of experts consists of 15 renowned scholars from Guangdong, Hong Kong, and Macao.

The Greater Bay Area's first metaverse think tank is established in Tianhe. [Photo/thnet.gov.cn]

Tianhe has five advantages in the development of the metaverse, said Ren Hao, secretary general of the Guangzhou Digital Economy Association. They include a solid industrial foundation, a developed software industry, gathered intellectual research resources, ample service resources, and a strong business circle that would benefit from and assist metaverse development.

By the end of 2021, there were 1,132 software enterprises above designated size, which refer to an enterprise that has an annual operation revenue surpassing 20 million yuan ($3.13 million), in Tianhe. Among them, 277 had an annual operation revenue of more than 100 million yuan, five were among the top 100 internet enterprises in China, and four made the list of China's top 100 new technological enterprises.

In 2021, the revenue of the software enterprises above designated size in Tianhe exceeded 200 billion yuan, accounting for more than half of Guangzhou's total.

According to Ren, Tianhe should give full play to its advantages and develop Tianhe features in the metaverse industry. Relying on the think tank, the district shall build a demonstration development area of the metaverse and lead the development of the metaverse in the Greater Bay Area.

The Metaverse Special Committee of the Guangzhou Digital Economy Association was established on the same day, with NetEase, Kugou, and Guangzhou Quwan Network Technology among its first group of members.