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Tencent's billionaire founder says company has competitive advantages in building Metaverse

November 11, 2021 9:47 pm

Tencent Holdings, the world’s largest video gaming company by revenue, has an abundance of technologies and resource to develop Metaverse, said Pony Ma, co-founder and CEO of the Shenzhen-based company.

Detail:

“Metaverse is an idea that ties many technologies together, it makes virtual world to become more real while it offer people virtual and fantastic experiences that they couldn’t get in real world. Our rich experience in games, social network and artificial intelligence will gave us competitive advantages over others and help achieving success in long run,” said Pony Ma.

“ We will contribute more efforts and resources into the metaverse than more people expected, Metaverse will be a core part of our business development in the future” Pony Ma added.

It is not first time that Tencent’s executive publicly discussed the metaverse. In a June speech at China’s annual gaming event ChinaJoy, Tencent’s senior executive Liu Ming said the company will adopt Metaverse to develop a super virtual and digital scene where users can communicate with one another in real time.

“There are a lot of technologies backing and supporting the fundamental development of metaverse, the Chinese government will support the development of such technologies but it will definitely reject marketing hype with regard to Metaverse,” said Martin Lau, president of Tencent.

Context:

Tencent Holdings got an early entry into space after becoming the China distributor of metaverse sandbox game Roblox in 2019.

In September alone, Tencent filed to register nearly 100 metaverse-related trademarks, including “QQ Metaverse”, “QQ Music Metaverse” and “Kings Metaverse” – corresponding to the names of the company’s messaging app, music-streaming platform and marquee mobile game Honour of Kings.

Alibaba, ByteDance, Baidu and NetEase have joined the race to develop businesses surrounding Metaverse beside Tencent.

Chinese e-commerce giant Alibaba has released “Metaverse Art Exhibition” featuring Burberry’s NFT for its annual Singles’ Day shopping festival. Previously, Tiktok owner ByteDance, has taken steps into the sector with the acquisition of VR device start-up Pico Interactive and an investment of around CNY100 million (USD15.6million) for Mycodeview, the company behind gaming platform Reworld, a Chinese competitor to Roblox.

Metaverse got a big pump recently after tech giants like Facebook and Microsoft announced their major moves into the sector.