2 years ago
Chinese tech colossus Tencent has continued its foray into the metaverse aft filing a patent for virtual concerts, flying successful the look of warnings from Chinese banks and regulators.
Chinese tech conglomerate Tencent has filed for a virtual concerts patent with the Chinese National Intellectual Property Administration (CNIPA) according to concern data-tracker Qichacha. The exertion comes arsenic Chinese companies race to unafraid Metaverse trademarks.
Even though the People’s Bank of China (PBoC) took a strong stance against the Metaverse and nonfungible tokens (NFTs) successful November, stating that it would way them with Anti-Money Laundering tools, much than a 1000 Chinese companies person submitted implicit 16,000 metaverse-related trademark applications according to a report from Chinese quality outlet, The Paper.
Despite the warnings, the Chinese multinational exertion and video-game colossus Tencent, has been leading China’s complaint into the Metaverse.
According to the South China Morning Post, sources assertion that Tencent sent retired an interior missive to its employees successful October past year, concerning the instauration of a caller “F1” workplace nether its subsidiary TiMi Studios that volition impact employees from China, the United States, Canada and Singapore.
On December 31 past year, Tencent held China’s archetypal ever virtual performance successful the Metaverse, a New Years solemnisation called TMELAND which saw implicit 1.1 cardinal fans articulation successful implicit the duration of the festival. Tencent has besides acquired Los-Angeles-based animated performance institution Wave, which uses a motion-capture exertion to make realistic virtual concerts.
Ring successful 2022 successful #TMELAND, China’s archetypal virtual #MusicFestival. Groove to the euphony connected #NYE from your sofa portion your #avatar meets world-renowned DJs and artists with different partygoers. Dive successful via #QQMusic, #WeSing and different Tencent Music apps. Happy #NYE2022 pic.twitter.com/hLrqvjX1Yn
— Tencent 腾讯 (@TencentGlobal) December 31, 2021Wave concerts person been highly palmy successful the past, and grew successful popularity during the pandemic arsenic a caller mode for musicians to prosecute with fans. When the The Weeknd utilized Wave services to broadcast a virtual performance unrecorded connected TikTok successful August past year, it drew astir 2 cardinal viewers globally and raised $350,000 for the Equal Justice Initiative.
It remains to beryllium seen whether the ambitions of the Chinese multinational volition beryllium affected by section regulators. Speaking astatine a nationalist fiscal information acme connected Nov. 26, Gou Wenjun, manager of the Anti-Money Laundering (AML) portion astatine the PBoC, warned of the dangers associated with the caller trends of the crypto ecosystem, specified arsenic NFTs and the Metaverse. He claimed that if near unregulated, these assets could beryllium easy utilized for illicit purposes specified arsenic wealth laundering and taxation evasion.
Related: China’s cardinal slope proposes to show metaverse and NFTs
The People’s Daily, the authoritative paper of the Chinese Communist Party, has besides issued a warning astir the Metaverse backmost connected Dec. 9, stating that, “regulation should beryllium encouraged to travel earlier innovation.”
Despite the ominous foreshadowing from nationalist media and state-controlled banks, China has inactive not provided immoderate further clarity connected related regulations.
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