Latest News

Tencent has filed a patent for virtual concerts in the Metaverse

According to industry data tracker Qichacha, Chinese internet firm Tencent has applied for a virtual concerts patent with the Chinese National Intellectual Property Administration (CNIPA). The application comes at a time when Chinese firms are vying for Metaverse trademarks.

Despite the People’s Bank of China (PBoC) taking a strong stance against the Metaverse and nonfungible tokens (NFTs) in November. Then, stating that it would track them with Anti-Money Laundering tools. That’s, according to a report from Chinese news outlet The Paper. Which has, over a thousand Chinese companies have submitted over 16,000 metaverse-related trademark applications.

Despite the warnings, Tencent, a Chinese multinational technology and video-game conglomerate. , has been at the forefront of China’s foray into the Metaverse.

According to the South China Morning Post, Tencent sent an internal letter to its staff in October last year regarding the development of a new “F1” studio under its subsidiary TiMi Studios. Of course, which will include employees from China, the United States, Canada, and Singapore, according to sources.

Tencent conducted China’s first ever virtual concert in the Metaverse on December 31 last year. That’s, a New Year’s celebration named TMELAND, which drew over 1.1 million fans throughout the course of the festival.

Wave, a Los Angeles-based animated concert startup that employs motion-capture technology to create realistic virtual concerts, has also been bought by Tencent.

On Dec. 9, the People’s Daily, the Chinese Communist Party’s official newspaper, issued a warning regarding the Metaverse, noting that

“regulation should be urged to come before innovation.”

Despite alarming foreshadowing from state-controlled media and banks, China has yet to provide any additional clarity on related policies.

Related Posts – Bank DBS’s Crypto Business Grows Massively Due To Growing Demand From Investors

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.