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Despite the concerns, Tencent submitted a patent for virtual concerts

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Tencent Singaporean Investment Giant Temasek Joins Facebook’s Libra Project
Tencent Singaporean Investment Giant Temasek Joins Facebook’s Libra Project

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Tencent, the Chinese digital behemoth, has extended its metaverse push by submitting a patent for virtual concerts. Tencent decided to do this despite the concerns from Chinese authorities.

According to industry data tracker Qichacha, Tencent has filed a patent for virtual concerts with the Chinese National Intellectual Property Administration (CNIPA). The filing comes as Chinese corporations compete for Metaverse trademarks.

People’s Bank of China (PBoC) holds a strong position against the Metaverse and nonfungible tokens (NFTs). Despite that, a report from the Chinese news site The Paper claims that over a thousand Chinese enterprises have filed over 16,000 metaverse-related trademark applications.

There is one reason why PBoC is against Metaverse and NFTs. They believe it would track them with Anti-Money Laundering tools.

In October 2021, Tencent sent an internal letter to its staff. The letter contained notes on the development of a new F1 studio under its company TiMi Studios. The studio will include personnel from China, the United States, Canada, and Singapore, according to sources.

Growth in popularity of wave concerts

Tencent conducted China’s very first online concert in the Metaverse on December 31 last year. That was New Year’s celebration named TMELAND. The concert drew over 1.1 million people throughout the festival.

Wave is a Los Angeles-based animated concert startup. Wave employs motion-capture technology to produce realistic virtual concerts. This startup has also been bought by Tencent.

Wave concerts have become immensely popular in the past. They were even more popular during the epidemic as a fresh method for singers to interact with their audience.

In August 2021, The Weeknd used Wave services to broadcast a virtual concert live on TikTok. The concert drew over 2 million people worldwide. It was a charity event that raised $350,000 for the Equal Justice Initiative.

It remains to be seen if local regulators will have an impact on the Chinese multinational’s objectives. Gou Wenjun, director of the PBoC’s Anti-Money Laundering (AML) section, warned of the hazards connected with emerging developments in the crypto ecosystem, such as NFTs and the Metaverse, during a national financial security summit on Nov. 26.

Tencent staircase to Metaverse

Video games, the company’s biggest income generator, are the most apparent way to Metaverse. According to Ma, the CEO of Tencent, it might be highly interactive games, several games under one common IP, or infrastructure that allows people to create games.

Epic Games, Roblox, and Discord, among Tencent’s portfolio firms, have already begun to flesh out some of these concepts. Tencent does not strive to accomplish everything on its own. Although, it has backed in hundreds of organizations that Tencent finds strategic.

According to Ma, the second approach may be a gamified social network The network allows for considerably more programmable experiences.

A real-world experience supplemented by VR and AR might be another version of the journey.

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