Chinese internet giant Tencent plans to bet big on the metaverse — a trending idea on building a virtual world typically with the support of virtual and augmented reality technologies — and is looking to build an advanced gaming studio for that.
According to the report, Tencent recently sent an internal letter announcing the establishment of a new “F1” studio under its unit TiMi Studio Group. According to one employee, the new studio is primarily concerned with the metaverse. Several local media outlets reported last month that Tencent was hiring dozens of people for projects that appeared to be related to the metaverse.Also in September, the stock price of Chinese game developer Shenzhen Zhong Qing Bao Interactive Network surpassed the daily limit for two days in a row after the company announced the development of a virtual reality-based metaverse game. CITIC Securities, China’s largest brokerage firm, said last month in a research report that the metaverse will enter an exploration stage in the next three to five years and could become a way of life in 20 years. Notably, the report stated that the first breakthroughs in software may come from tech behemoths such as Tencent, ByteDance, Facebook, and Baidu in the fields of gaming, social networking, and advertising.Facebook, in particular, has been active in pushing the concept of the metaverse forward. It announced earlier this week that it will create 10,000 jobs in the European Union over the next five years in order to build its much-anticipated metaverse.