The money is flowing into the metaverse, with the emerging sector receiving over $1.5 billion, most of it in the last quarter of the year, according to reports.
WeChat owner Tencent is to invest $70 billion in emerging technologies such as blockchain and cloud computing as it seeks to bounce back from COVID-19 slowdown.
Alibaba has continued with its march into blockchain, filing a patent for a transaction system in Brazil that will target insurance, real estate and finance.
ByteDance, the company that owns social media platform TikTok has partnered with a state-sponsored media firm on a blockchain and artificial intelligence venture.
Lolli had announced the Singles Day partnership with Alibaba, but the retailer says the two companies have never even had direct contact.
Reports indicate not only which companies will receive the currency first, but many details about the currency as well.
Alibaba thinks that the blockchain is the perfect spot for logging domain name registrations and has filed for a patent (in pdf) with the U.S. Patent and Trademark Office.
Alibaba has made a big investment in privacy focused blockchain startup QEDIT in an effort to better safeguard their data.
Alibaba announced on Wednesday that they would be working on their own blockchain solution to closely monitor their supply chains, a move that has been necessitated as the company has moved beyond its own borders.
Ant Financial is seriously exploring the possibilities of using blockchain technology not just as value-added services but more B2C use cases and hopes to expand to cross-border payment services globally.