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Tencent files for patent related to virtual concerts in Metaverse

Chinese language tech conglomerate Tencent has filed for a digital live shows patent with the Chinese language Nationwide Mental Property Administration (CNIPA), according to enterprise data-tracker Qichacha. The applying comes as Chinese language corporations race to safe metaverse emblems.

The Individuals’s Financial institution of China (PBoC) took a robust stance in opposition to the Metaverse and nonfungible tokens (NFTs) in November, stating that it might observe them with Anti-Cash Laundering (AML) instruments. Nonetheless,  according to the Chinese language information outlet The Paper, greater than a thousand Chinese language corporations have submitted over 16,000 metaverse-related trademark functions.

Regardless of the warnings, the Chinese language multinational know-how and video-game colossus Tencent has been main China’s cost into the Metaverse.

In response to the South China Morning Publish, sources declare that Tencent despatched out an inside letter to its staff in October final yr, in regards to the creation of a brand new “F1” studio beneath its subsidiary, TiMi Studios, that can contain staff from China, the US, Canada and Singapore.

On December 31 of final yr, Tencent held China’s first-ever digital live performance within the Metaverse, a New Years celebration known as TMELAND which noticed over 1.1 million followers take part over the length of the competition. Tencent has additionally acquired Los Angeles-based animated live performance firm Wave, which makes use of motion-capture know-how to create lifelike digital live shows.

Wave live shows have been extraordinarily profitable prior to now and grew in reputation throughout the pandemic as a brand new method for musicians to have interaction with followers. When The Weeknd used Wave providers to broadcast a digital live performance reside on TikTok in August final yr, it drew roughly two million viewers globally and raised $350,000 for the Equal Justice Initiative.

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It stays to be seen whether or not the ambitions of the Chinese language multinational might be affected by native regulators. Talking at a nationwide monetary safety summit on Nov. 26, Gou Wenjun, director of the AML unit on the PBoC, warned of the hazards related to the brand new traits of the crypto ecosystem resembling NFTs and the Metaverse. He claimed that these property may very well be simply used for illicit functions resembling cash laundering and tax evasion if left unregulated.

Associated: China’s central financial institution proposes to observe metaverse and NFTs

The Individuals’s Each day, the official newspaper of the Chinese language Communist Celebration, has additionally issued a warning in regards to the Metaverse again on Dec. 9, stating that “regulation ought to be inspired to return earlier than innovation.”

Regardless of the ominous foreshadowing from nationwide media and state-controlled banks, China has nonetheless not offered any additional readability on associated rules.

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