One of the largest Chinese software developers Tencent announced the creation of a division that will cover all initiatives for the company’s entry into the metaverse market.
The company plans to produce both software and hardware products for the Metaverse. This means that Tencent will compete with giants such as Microsoft and Meta.
The new division, which will be led by the company’s CTO Li Shen, will be unlike any existing at Tencent. The company has kept its creation a secret since the beginning of this year, but it is known that the staff of the unit will consist of 300 people involved in projects in the metaverse.
Despite the significant decline in the cryptocurrency market, Tencent sees the future of the entertainment industry in the metaverses. However, the direction of the division may change – to narrow, or vice versa to expand, depending on changes in the markets.
Recall that earlier this year, Tencent filed an application with the patent office to hold virtual concerts in the metaverse. Last year, the company successfully held one of these concerts – it was attended by 1.1 million spectators.
Previously, Meta and 30 other metaverse development companies announced that they would be joining together in a Forum to strategize globally for virtual worlds. The forum will feature open source developments to accelerate the adoption of metaverse standards.
