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Things are getting real for augmented-reality glasses startup Nreal. It nabbed $60 million in a Series C extension funding round led by e-comm giant Alibaba.

To the metaverse: Alibaba, meanwhile, has its sights on the metaversea market that could be worth ~$8 trillion in China alone, according to Morgan Stanley. Its an opportunity to captivate new audiences, especially in a country where livestreaming and social commerce already dominate.

Metaverse is the future of social network. All Chinas tech giants have to embrace it to find new ways to engage the youngest generation of internet users, Winston Ma, managing partner and co-founder at Cloudtree Ventures, told CNBC.

And beyond: Nreal hopes to use the cash influx to expand its presence within China, but the startup isnt completely unknown outside of the country. It debuted its Light AR glasses in South Korea in 2020, and ventured into Spain and the US in 2021.JS

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Alibaba leads $60 million funding round in AR-glasses startup, with its sights set on the metaverse - Morning Brew