• Tencent Files a Patent Application to Host Concerts in the Metaverse

  • Tencent’s application for trademarks in the metaverse is not the company’s first attempt to demonstrate its keen interest in the field.

    Tencent Holdings Ltd (HKG: 0700), a Chinese multinational technology conglomerate, has applied for a patent to stage virtual concerts in the metaverse as it seeks to expand its presence in the fast-growing offshoot of blockchain technology. The file with the Chinese National Intellectual Property Administration (CNIPA) tries to portray Tencent as the leader in metaverse-related developments, a trend that has recently peaked among multinational tech corporations.

    Tencent’s pursuit of metaverse innovations follows repeated warnings from the Chinese government via the People’s Bank of China (PBoC) about the dangers of metaverse developments. The highest-ranking bank officials have repeatedly stated that Non-Fungible Tokens (NFTs) or any of the asset types related to the metaverse can easily be utilized to launder money and escape tax obligations by individuals.

    This is due in part to the fact that NFTs can be a highly valuable asset worth hundreds of thousands to millions of dollars. With no regulations in place to control the NFT and metaverse world as a whole, many prospective criminals are certain to find a method to use the loopholes inherent in the new business in order to get away with transactions that may fall outside the purview of regulators.

    While the Chinese government has prohibited all forms of interaction with digital currencies such as Bitcoin (BTC) as well as Proof-of-Work (PoW) related mining activities, a significant number of Chinese investors remain active in NFTS and the metaverse as a whole. According to a report in The Paper, as many as 1000 Chinese IT businesses have filed over 16,000 metaverse-related trademark applications, capitalizing on the hype in this scorching hot space.

    Tencent Not a Newcomer to the Metaverse

    Tencent’s application for trademarks in the metaverse is not the company’s first attempt to demonstrate its keen interest in the field.

    Tencent held China’s first-ever virtual concert in the Metaverse, a New Year’s celebration called TMELAND, in December of last year. As many as 1.1 million people attended the New Year’s Eve extravaganza, demonstrating that there is a ready market for whatever innovation the corporation will bring out if the patents are awarded.

    Tencent’s quest to control the metaverse is further aided by its acquisition of Black Shark and Wave, an American tech business that utilizes motion-capture technology to create realistic virtual concerts. Riding on Wave’s track record of staging metaverse concerts, one of which featured The Weeknd on TikTok last year, the firm is set to focus its efforts on overhauling its projected services using the startup’s technological capabilities.

    Companies outside of China, such as Meta Platforms Inc (NASDAQ: FB), are actively invested in the metaverse, producing what many feel will be a major trend in the following decade.

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