Tencent launches division to enter the metaverse market – Bits Media

One of the largest Chinese software developers Tencent announced the creation of a division, which will cover all initiatives for the company to enter the metaverse market.

The company plans to produce both software, and hardware products for metaverses. It means, that Tencent will compete with such giants, both Microsoft and Meta.

New division, which will be headed by the company's technical director Li Shen (Li Shen), will not be similar to any of the existing ones at Tencent. The company has kept its creation secret since the beginning of this year., however it is known, that the staff of the unit will consist of 300 Human, involved in metaverse projects.

Despite the significant decline in the cryptocurrency market, Tencent sees metaverses as the future of entertainment. but, the focus of the unit may change - narrow, or vice versa expand, depending on changes in markets.

Recall, that earlier this year Tencent filed a patent application to host virtual concerts in metaverses. Last year the company successfully held one of these concerts - it was attended by 1.1 Milln spectators.

Previously Meta and more 30 companies, involved in development for metaverses, announced, that they will unite into a Forum for the global development of a strategy for virtual worlds. The forum will present open source developments to accelerate the adoption of metaverse standards.