37 The Metaverse Overview : Vision, Technology, and Tactics | Industry Perception & Display Layer Network Layer Platform Layer Application Layer AI Cloud Computing (Volcano Engine) Social, Gaming (Reboot World) NFT Products ( TikTok Top Moments) Game Engine (Restart the World) VR/AR（pico） VR/AR ( Baidu VR) VA/AR AI AI Chips Internet Social, Gaming (Hyryang) NFT Platform (Whale Scout) Cloud Computing (Alibaba Cloud) AI Blockchain (Ant Chain) VR Shopping ( Buy+) Cloud Game (Yuanjing) VA/AR (TenVR) Cloud Computing (Tencent Cloud) IoT AI Blockchain (Confidence Chain) Social Contact Game Engine (Unreal) NFT Platform (Magic Core) Cloud Gaming ( START) Epic, the American game development and marketplace platform. In cloud computing, Tencent launched cloud game START, and with the Metaverse gaining more attention in 2021 registered a series of trademarks including QQ Metaverse, Tencent Music Metaverse, Game for Peace Metaverse, Honor of Kings Metaverse, and Oasis Metaverse. In NFTs, Tencent has developed the Huanhe marketplace built on top of its proprietary Zxin Chain. 3.4 The NFT industry chain NFTs are one of the fastest-growing arenas of the Metaverse, catering to people's curiosity, pursuit of artistic creativity, and investment demand for digital art collections. The NFT industry chain has four layers: infrastructure, production, circulation, and derivatives. The infrastructure technology layer is mainly composed of ByteDance ByteDance focuses on hardware entrance, content and applications, and its current product matrix including Douyin, Xigua Video, Toutiao, and TikTok support networks in its Metaverse strategy. In the access layer, ByteDance acquired Pico, a leading Chinese VR manufacturer in September 2021. In the application layer, in April 2021 ByteDance invested RMB100 million in Code Qiankun, which developed and blockchain (public chains, side chains, developer tools, token standards, wallets, and payments) and network- attached storage. The infrastructure layer creates and captures the value of the NFT value chain through NFT minting. For example, the gas fee during minting goes to the blockchain, and the more NFTs minted, the higher the value captured by the blockchain. owns Reworld, a game creation and interactive content platform for teens. It has also launched Pixsoul, a social app featuring face art creation. ByteDance's launch of its Metaverse social game app Party Island, which is currently in beta testing, is expected soon. In October 2021 TikTok launched its first NFT series, TikTok Top Moments. In the network layer, ByteDance is entering the market with Volcengine as an independent business unit for the public cloud market. Public chains are independent, community-oriented blockchains like Ethereum and Flow Blockchain. Ethereum, with its long history, is the leading blockchain in the NFT market. Sidechains are new blockchains created to alleviate high traffic, improve public chain performance, and realize certain functions that some public chains cannot fulfill. Protocol standards create an underlying logic Figure31: Chinese internet and technology enterprises in the Metaverse Source: Open source data, Deloitte analysis