Crypto project Floki (CRYPTO: FLOKI) is focusing on the Chinese market in its latest effort to expand its user base and move away from its previous image as a meme coin, according to a report by CoinDesk.

What Happened: The company plans to release a Chinese version of Valhalla, a metaverse game that utilizes Floki tokens and launch a three-month airdrop campaign for Btok users, a Chinese social media platform.

The game and its technical documents will be available in both traditional and simplified Chinese and specifically cater to the Chinese gaming market.

The first release of Valhalla with Open World was in the fourth quarter of 2022 and is currently available on the Optimism Goerli testnet.

Upon launch, users need to hold a certain amount of Floki in their wallets to make a character playable and can earn Floki tokens through play.

Floki, inspired by the popular Shiba Inu (CRYPTO: SHIB) dog breed that spawned popular tokens such as Dogecoin and Shiba Inu, had a market capitalization of $300 million as of Tuesday morning.

The token saw a 150% increase in the past two weeks following a move to burn part of the Floki supply.

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Why It Matters: According to a Floki developer known as B, there were approximately 700 million gamers in China and the market generated around $45 billion in video game revenue last year, making it a favorable market for the launch of Valhalla.

"The data strongly favors a Valhalla launch in China, especially considering a large number of gamers and the strength of the Chinese economy," B said.

B added the launch in China was further supported by the novel gaming mechanics and PlayToEarn economy of Valhalla and Floki's changes to appeal to a Chinese audience.

Gaming and metaverse tokens such as Gala (CRYPTO: GALA), Decentraland (CRYPTO: MANA), and The Sandbox (CRYPTO: SAND) had gains of up to 300% in the past month as crypto traders move their investments to tokens with actual users and utility, according to CoinDesk.

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Photo: Floki via Floki; flag via Shutterstock