• Tencent to set up games studio, believed to be linked to metaverse

  • Chinese internet giant Tencent plans to bet big on the metaverse – a trending idea about building a typical virtual world backed by virtual and augmented reality technology – and wants to build an advanced gaming studio for it.

    Tencent reportedly sent out a recent internal letter saying that it is building a new “F1” studio under its unit TiMi Studio Group. An employee told the outlet that the new studio is essentially about metagaming.

    Last month, several local media outlets reported that Tencent was hiring dozens of employees for a number of projects that appear to be related to the metaverse.

    Also in September, Chinese game developer Shenzhen Zhongqingbao Interactive Network saw its shares soar to the daily cap for two days in a row after announcing the development of a virtual reality-based metaverse game.

    CITIC Securities, China’s largest brokerage firm, also said in a research report last month that metaspace will enter the exploration phase within the next three to five years and could become a way of life within 20 years. Notably for software, the report said the first breakthrough could come from tech giants such as Tencent, Byte Jump, Facebook and Baidu in the gaming, social networking and advertising sectors.

    Facebook, in particular, has been aggressively pushing the idea of metagaming. Earlier this week, it announced it would create 10,000 jobs in the EU over the next five years to build its much-anticipated metaspace.

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