But Chinese state media was quick to pour a little cold water on this metaverse-fueled rally. Last week, the party-backed Economic Daily published a commentary (link in Chinese) warning against the “undesirability” of “hot speculation” in metaverse stocks, and the article was quickly republished by party mouthpiece People’s Daily (link in Chinese) and the state-run tabloid Global Times (link in Chinese). Chinese metaverse stocks slid in response.

In an interview (link in Chinese) last week with China News Network, Zuo, the researcher, cautioned that the metaverse has “an inherent monopoly gene,” and that care must be taken to “avoid the metaverse being monopolized by a few forces.”

That remark, of course, comes in the context of China’s regulatory crackdown on tech firms on the premise that they had monopolized the market by engaging in anti-competitive behavior.

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