Popular video game Genshin Impact developer miHoYo announced on Monday the launch of HoYoverse for its global expansion while hinting its entry into the metaverse race.
Fast facts
- The China-based game developer wants to provide a virtual world with a “high level of freedom and immersion,” miHoYo CEO Haoyu Cai said in a statement.
- MiHoYo is best known for RPG game Genshin Impact which generated around US$2 billion in its debut year of 2020, and was the top-grossing mobile game in the world in September last year with US$341.7 million in player spending.
- China has taken steps to slow down the popularity of blockchain-based applications such as non-fungible tokens (NFT) and cryptocurrencies, and a think tank under the Ministry of State Security last October said the metaverse may pose a threat to national security.