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The race is on to build the Metaverse.

Facebook father or mother firm Meta revealed in 2021 that it plans on pumping $50 million right into a metaverse undertaking, and that it needs to rent for an unlimited workforce inside the European Union (EU) over the subsequent 5 years to accomplish that.

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However, one other tech and social media large could possibly be in the working to develop the definitive metaverse.

China-based Tencent Holdings, majority-owner of Tencent Music Entertainment, and proprietor of WeChat and QQ Messenger, is reportedly planning to acquire Chinese gaming telephone firm Black Shark, a transfer which might help Tencent build its personal metaverse.

That’s in accordance to a report from information outlet 36Kr, which cites ‘multiple’ sources as saying that Tencent plans on shopping for the agency, and that Black Shark’s focus, which is presently on gaming-centric telephones and {hardware} equipment, will change to constructing digital actuality {hardware}.

As reported by Gizmo China, expertise large Xiaomi is presently the majority shareholder in Black Shark.

Facebook father or mother firm Meta, which defines the ‘metaverse’ as a “new phase of interconnected virtual experiences using technologies like virtual and augmented reality”, already owns of VR sport Horizon Worlds, and one in all the world’s hottest VR tech manufacturers, Oculus.

As famous by Bloomberg in November, making a play for the metaverse is a logical step for Tencent.

Firstly, it already owns a stake in one in all the greatest gamers in the digital worlds panorama: online game firm Epic Games, maker of Fortnite.

Tencent Holdings invested $330 million in Epic Games in 2012 (round 5 years earlier than Fortnite was launched) in return for a 40% stake in Epic.

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The firm additionally entered right into a strategic partnership with Roblox in May 2019, during which Tencent holds a 49% stake.

Plus, Tencent filed for 2 Metaverse associated emblems in September 2021.

The subject of Tencent’s positioning in the metaverse additionally got here up throughout the firm’s Q3 earnings name in November, with Tencent President Martin Lau noting that the idea is “very exciting, but a little bit vague”.

“In terms of our capabilities and our positioning, we felt we actually have a lot of the technology and know-how building blocks for us to explore and develop for the Metaverse opportunity.”

Martin Lau, Tencent, talking in November 2021

He added nevertheless that, “in terms of our capabilities and our positioning, we felt we actually have a lot of the technology and know-how building blocks for us to explore and develop for the Metaverse opportunity”.

He continued: “For example, we have a lot of gaming experiences. We also have very strong social networking experience. In addition to that, in terms of technology building blocks, we have engine capability, we have AI capability, we have the capability to build large server architecture that can serve a huge number of concurrent users.

“We’re very experienced in managing digital content economies as well as real life digital assets. So, all in all, we felt that we have a lot of tech and capability building blocks that will allow us to approach the Metaverse opportunities through the multiple pathways we talked about.”Music Business Worldwide



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