CEO of Tencent Bashes NFT’s , Metaverse , Web3 while praising China’s Digital Infrastructure.

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Chinese internet giant Tencent’s founder Ma Huateng laid the blame for financial sector hype and dangers on the Metaverse, non-financial technology (NFTs), and Web3, during a speech at a national conference. The Chinese government has placed a number of restrictions on Tencent.

Ma Huateng, a member of the National People’s Congress, chairman of the board of directors, and CEO of Tencent, has been actively advising China’s digitalization and developing the digital economy in recent years as a member of the National People’s Congress and chairman of the board of directors, respectively.

When Ma Huateng presents this year, he’ll do so as part of his research project, which calls for him to make suggestions for systematically promoting the “Integration of Data and Reality” to create new advantages in the digital economy.

In Ma Huateng’s view, “digital and actual integration” is currently going through a critical phase that will result in systematic and comprehensive integration.

Digital and real integration is currently plagued by issues such as the inability of technology applications to adapt to various industries, the difficulty of connecting different digital tools, and the lack of interoperability. The market mechanism, and the current state of digital supply and demand are extremely difficult to meet.

Due to novel concepts like “Metaverse,” Non-Fungible Token, Web3, etc., there has been an increase in speculation across a wide range of businesses, which has led to significant concerns of financial and technological control.

“Technology-industry-society” should be leveraged to solve problems and encourage the transformation and upgrading of traditional industries to effectively improve national competitiveness, Ma Huateng argued.

Mr. Huateng further praised Chinese digital technology explaining how Advances in digital public service construction are being summarized, disseminated and expanded, and remote locations and particular populations are being served via a digital infrastructure.