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Tencent Dives Deeper on Metaverse Virtual Concerts With its Patent Application

Tencent, a world-leading internet and technology company that develops innovative products and services to improve the quality of life of people around the world also offers a range of services such as cloud computing, advertising, FinTech, and other enterprise services to support its clients’ digital transformation and business growth has filed for a virtual concerts patent with the Chinese National Intellectual Property Administration (CNIPA) according to business data-tracker Qichacha. The application comes as Chinese companies race to secure Metaverse trademarks. 

While most people in the United States still aren’t familiar with Tencent, the Chinese digital media and telecom conglomerate has quickly become one of the biggest players on the internet. Recently, Tencent’s market cap valuation of $530 billion propelled past Facebook to gain entry into the fifth spot among the largest corporations in the world. Tencent has also held China’s first-ever virtual concert in the Metaverse, a New Years’ celebration called TMELAND which saw over 1.1 million fans join in over the duration of the festival and has acquired Los Angeles-based animated concert company, Wave, which uses motion-capture technology to create realistic virtual concerts. 

The Metaverse Possibilities 

The number of possibilities around the metaverse is endless. Currently, you can only experience the internet when you ‘go to it’, but with the continued development of connectivity, devices, and technologies, we will soon be able to experience it all around us every day. As the metaverse evolves, the digital currency will become more reliable, similar to hard currency in our daily life. Communication will also become borderless, ushering in a new age of interaction and collaboration.

As technology continues to develop at a rapid pace, a metaverse future is closer than ever before, promising to unleash amazing creativity and open up new frontiers and horizons for brands and businesses, Tencent has held its center in this path being an early adopter to the metaverse. 

Tencent dips its toe

Despite warnings, the Chinese multinational technology, and video-game colossus Tencent, has been leading China’s charge into the Metaverse. Even though the People’s Bank of China (PBoC) took a Strong stance against the Metaverse and non-fungible tokens (NFTs) in November, stating that it would track them with Anti-Money Laundering tools, more than a thousand Chinese companies have submitted over 16,000 metaverse-related trademark applications according to a report from a Chinese news outlet. 

With reports from the South China Morning Post, sources claim that Tencent sent out an internal letter to its employees in October last year, concerning the creation of a new “F1” studio under its subsidiary TiMi Studios which will involve employees from China, the United States, Canada, and Singapore. 

The Ride or Die

What may be left to know at this point will be whether the ambitions of the Chinese multinational will be affected by local regulators or not. Speaking at a national financial security summit on Nov. 26, Gou Wenjun, director of the Anti-Money Laundering (AML) unit at the PBoC, warned of the dangers associated with the new trends of the crypto ecosystem, such as NFTs and the Metaverse. Going further, Gou Wenjun claimed that if left unregulated, these assets could be easily used for illicit purposes such as money laundering and tax evasion.

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