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.
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