 |
| Tencent publishes its view on Metaverse for the first time |
Chinese social media giant Tencent wants Beijing to enable virtual environments of the Metaverse (currently Silicon Valley) to run in China according to Chinese rules.
In its first public comment on the Metaverse, Tencent, the largest market capitalization in China, praised the potential of gambling opportunities, but I admit that the Chinese version of the Metaverse should be different from the rest of the world.
In addition to the Metaverse, there are many other technologies related to game development, Tencent President Andy Lau told analysts on a conference call filled with issues related to the Metaverse.
Ever since Facebook CEO Mark Zuckerberg, who recently changed his name to Meta, announced his commitment to building the metaverse for the company's future, investors have been pondering the prospects for the emerging world of virtual reality. Microsoft and Disney have also announced that they will develop Metaverse.
Liu said the Chinese government supports the development of such technologies as long as the user experience is already provided within the regulatory framework.
Tech investors have wondered how the Metaverse is being developed in China, where the Internet is tightly censored. Since last year, the authorities have also launched a large-scale crackdown on corporate giants, including Tencent.
In addition, the regulators ban all cryptocurrency transactions. They tightened their control over the gambling industry and also warned against random investment in stocks associated with the Metaverse.
Tencent says Beijing can support Metaverse
Liu said, although the Metaverse may have different rules for China and the world. But this is basically no stranger to Metaverse development.
Tencent is the world's largest online game provider by sales. In terms of virtual world concepts, it is currently a leader in China. It has also sparked the interest of competitors such as Bytedance, the owner of TikTok.
Liu said that the Metaverse has a lot of options, such as interactive games or social media in games. We have plenty of technical fundamentals and skills to take advantage of the opportunities that the metaverse offers.
Tencent owns 40% of Epic Games and has formed a joint venture with Roblox, both of whom are developing the Metaverse.
The company's business also includes WeChat, the dominant social networking and messaging app in China. It has registered more than 20 Metaverse related brands for its applications in China and develops immersive and multiplayer games.