What: Alibaba invests USD 60 mn in augmented reality start-up, Nreal, an initiative seen as a first step into the metaverse for the Chinese e-commerce champion.

Why is it important: Nreal, the Chinese manufacturer of augmented reality glasses, receives an investment by Alibaba of USD 60 mn to be used for research and development. Virtual reality and augmented reality are considered key techniques for building the metaverse and like Alibaba, Nreal does not intend to stay on the sidelines of this new technology.

The internet steamroller Tencent is working on its metaverse platform, drawing on its experience in video games in which it is a major player. As for the Baidu search engine, it launched XiRang in December, presented as one of the first metaverse applications in China. Scalded by Beijing's takeover in the technology sector, the Chinese digital companies are fumbling their way into this niche.

Alibaba invests in augmented reality start-up