Tencent launches division to enter the Metaverse market

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One of the largest ChineseSoftware developer Tencent has announced the creation of a division that will cover all of the company's initiatives to enter the metaverse market.

The company plans to produce both software and hardware products for the metaverses. This means Tencent will be competing with giants such as Microsoft and Meta. 

The new division, which will be headed byThe company's technical director, Li Shen, will not be similar to any of the existing ones at Tencent. The company has kept its creation secret since the beginning of this year, but it is known that the division will have a staff of 300 people involved in projects in the field of the metaverse.

Despite the significant market declinecryptocurrencies, Tencent sees metaverses as the future of the entertainment industry. However, the focus of the division may change - narrow or, on the contrary, expand, depending on changes in the markets.

Recall that earlier this year Tencenthas filed a patent application to host virtual concerts in metaverses. Last year, the company successfully held one of these concerts - it was attended by 1.1 million spectators.

Previously Meta and 30 other companies involved indevelopments for metaverses, announced that they would unite in the Forum for the global development of a strategy for virtual worlds. The forum will feature open source developments to accelerate the adoption of metaverse standards.