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- Tencent has continued its foray into the Metaverse after filing a patent for virtual concerts
- PBoC took a strong stance against the Metaverse and non fungible tokens in November
- TMELAND saw over 1.1 million fans join in over the duration of the festival
Chinese tech combination Tencent has petitioned for a virtual shows patent with the Chinese National Intellectual Property Administration (CNIPA), as per business information tracker Qichacha. The application comes as Chinese organizations compete to get metaverse brand names.
The People’s Bank of China (PBoC) took a solid position against the Metaverse and non fungible tokens (NFTs) in November, expressing that it would follow them with Anti-Money Laundering (AML) instruments.
Despite constant warnings Tencent has been leading China’s charge into the Metaverse
Be that as it may, as per the Chinese media source The Paper, in excess of 1,000 Chinese organizations have submitted north of 16,000 metaverse-related brand name applications.
Notwithstanding the admonitions, the Chinese worldwide innovation and computer game giant Tencent has been driving China’s dash into the Metaverse.
As per the South China Morning Post, sources guarantee that Tencent conveyed an inner letter to its workers in October last year, concerning the production of a new F1 studio under its auxiliary, TiMi Studios, that will include representatives from China, the United States, Canada and Singapore.
On December 31 of last year, Tencent held China’s very first virtual show in the Metaverse, a New Year’s festivity brought TMELAND which saw over 1.1 million fans participate over the term of the celebration. Tencent has additionally obtained Los Angeles-based vivified show organization Wave, which utilizes movement catch innovation to make reasonable virtual shows.
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The People’s Daily has also issued a warning about the Metaverse
Wave shows have been incredibly fruitful previously and filled in prevalence during the pandemic as another way for artists to draw in with fans.
At the point when The Weeknd utilized Wave administrations to communicate a virtual show in real-time on TikTok in August last year, it drew roughly 2,000,000 watchers all around the world and raised $350,000 for the Equal Justice Initiative.
It is not yet clear whether the desires of the Chinese global will be impacted by neighborhood controllers. Talking at a public monetary security highest point on Nov. 26, Gou Wenjun, overseer of the AML unit at the PBoC, cautioned of the risks related to the recent fads of the crypto biological system like NFTs and the Metaverse.
He guaranteed that these resources could be handily utilized for illegal purposes, for example, tax evasion and tax avoidance whenever left unregulated.
The People’s Daily, the authority paper of the Chinese Communist Party, has likewise given an admonition about the Metaverse back on Dec. 9, expressing that guidelines ought to be urged to precede development. Notwithstanding the foreboding foretelling from public media and state-controlled banks, China has still not have any further lucidity on related guidelines.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
