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Alibaba's E-Commerce Platform Braces For Its Metaverse Debut

Benzinga Real-time News · Dec 27, 2022 06:41

NTES +1.02% BIDU +0.98% BABA +2.92% META -0.52%

Alibaba Group Holding Limited's (NYSE:BABA) e-commerce platform Taobao conducted final tests before making its first metaverse live-streaming product debut.
Alibaba's metaverse project will likely launch online around the upcoming New Year's shopping extravaganza, Coingape reports.
Taobao has frequently released products related to the metaverse since the start of 2022.
Also Read: Meta, Microsoft, Alibaba, Others Form Metaverse Governing Body; Apple's Name Missing
Taobao and Diantao, another of Alibaba's live-streaming e-commerce apps, collaborated to create TaoLive City during the Double 11 Shopping Festival last month.
TaoLive City is a virtual environment jointly developed by Alibaba's live-streaming e-commerce apps.
With a virtual avatar, users can immediately enter this brand-new virtual environment. However, where they can shop, enter contests, and interact with other users.
Over ten Taobao live streamers and brands like Tissot have joined the platform.
This year's Double 11 Shopping Festival also featured TaoLive City and Alifish, an online platform for copyright trading services introduced by Alibaba.
Baidu, Inc (NASDAQ: BIDU) AI Cloud also marketed its products in apparel, home, digital, and other industries.
NetEase, Inc (NASDAQ: NTES) Metaverse Department promoted similar solutions.
NetEase Yaotai, a metaverse app similar to Baidu's XiRang, will likely come live shortly.
Price Action: BABA shares are trading higher by 2.32% at $87.64 premarket on the last check Tuesday.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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