• Tencent Establishes an Extended Reality Unit to Compete in the Metaverse Market

  • Tencent, the Chinese technology and entertainment conglomerate, has announced the establishment of its own metaverse-focused branch. The extended reality section will be in charge of overseeing all metaverse-related operations, including hardware and software development. According to estimates, the corporation intends to employ over 300 people in this unit, with Tencent prioritizing it even among cost-cutting initiatives.

    Tencent Has Officially Launched Its Metaverse Division

    Tencent, one of China’s largest software businesses, has taken another step toward the metaverse. According to Reuters, the Chinese tech and entertainment behemoth has established an extended reality branch that will oversee all of the company’s projects aimed at accessing the metaverse-driven industry.

    The division will be overseen by current Global Chief Technology Officer Li Shen and will be part of the company’s entertainment division. While there is still little information about the unit’s direction, sources say that the company will produce both software and hardware products for the metaverse. This means that Tencent could be a strong competitor in the east for companies like Meta and Microsoft with the hypothetical production of AR and XI hardware.

    Putting the Emphasis on the Top

    The extended reality unit appears to be more than just another segment under Tencent’s corporate structure. The unit is said to have been kept under wraps since early this year. The organization intends to employ more than 300 employees to work on various metaverse-related initiatives.

    This demonstrates the importance Tencent places on the metaverse and extended reality projects, despite the fact that the company has been implementing cost-cutting measures and slowing hiring efforts due to market macroeconomic conditions, with the unit being considered a passion project of Tencent’s founder. However, reports indicate that this vision may change in the future depending on the unit’s emphasis and performance.

    Other businesses, such as Meta, have been investing in metaverse devices and platforms in order to gain a competitive advantage in metaverse hardware and software, with the goal of being the first to deliver a coherent virtual reality platform. However, as Meta has recognized, this would result in them losing money in R&D.

    There have also been initiatives to finish metaverse standards. The Metaverse Standards Forum was established by Meta, Microsoft, and other firms such as Epic Games with the goal of gathering knowledge from open activities and coordinating the production of collectively produced standards for metaverse platforms.

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