Finding a company in China that fully matches Yuga Labs is unrealistic. The reason lies in China's strict regulation of cryptocurrencies and NFTs (non-fungible tokens), which limits the issuance of NFTs on public chains and their free trading. In contrast, the success of Yuga Labs is built on an open system of blockchain NFT issuance, secondary market circulation, and DAO governance.
However, if "benchmarking" is defined as having layouts in digital IP creation, digital collectibles distribution, and metaverse content construction, and trying to build an ecosystem around its own digital assets, there are indeed many internet and technology companies in China exploring local paths. These explorers have the following commonalities:
Firstly, Chinese companies tend to use the term "digital collectibles" rather than NFTs, usually issued on controlled consortium chains, emphasizing culture, copyright binding with physical objects, and strictly limiting speculation and free trading.
Secondly, these companies often have deep content and IP reserves and are actively advancing into the development of metaverse underlying technologies and content scenarios.
Representative companies include:
Tencent: Possesses a wealth of gaming and entertainment IPs, such as "Honor of Kings" and "Douluo Continent". It once launched the "Phantom Core" digital collectibles platform, which has ceased operations, but Tencent still provides related technical services through Tencent Cloud and other channels. It also lays out XR, cloud computing, and other metaverse underlying technologies, promoting the construction of virtual images and digital asset ecosystems.
Alibaba: Carries out digital collectibles distribution through Alipay and the "Whale Explorer" platform, focusing on the cultural and artistic fields. It continues to invest in cloud computing, AI, and AR/VR, and other metaverse infrastructure, exploring digital goods and virtual store formats.
NetEase: As a gaming giant, NetEase owns several popular game IPs and explores blockchain content creation and digital asset distribution through teams like "NetEase Fuxi". It also continuously lays out in the metaverse and virtual social aspects.
Baidu: Launched the "Xi Rang" metaverse platform, building interactive spaces such as virtual meetings and exhibitions. Baidu also issues digital collectibles through its own "Super Chain" and continues to delve into virtual humans and AIGC technology.
ByteDance: With the help of Douyin and TikTok, it builds a vast content ecosystem and has strong IP dissemination capabilities. After acquiring the VR company Pico, it frequently acts in immersive hardware and metaverse content integration.
Although these companies are different from Yuga Labs in form, under China's regulatory environment, they have developed a "China-specific" digital assets and metaverse operation mode:
Regulatory constraints: China's digital collectibles cannot be freely exchanged for cryptocurrencies, nor can they grant users complete commercial usage rights, avoiding speculative speculation.
Technical path: Chinese companies use consortium chains rather than decentralized public chains, which have a higher degree of control.
Business logic: Digital collectibles are more seen as tools for brand marketing, cultural dissemination, and copyright protection, rather than investment goods.
Therefore, although there is no real "Yuga Labs" in China, companies like Tencent, Alibaba, and NetEase are leveraging local resources and regulatory frameworks to build a unique "local version of Yuga ecosystem", representing the Chinese-style Web3 evolutionary path.
