The Chinese company Big Tech joins Facebook in the accumulation of the Metaverse

  • “Metaverse” has become a buzzword as Facebook reportedly plans to change its name to reflect its focus on the concept.
  • Chinese technology giants are also looking at the metaverse.
  • Tencent, ByteDance and Alibaba are reportedly taking steps to enter the space.

Social media giant Facebook has brought the metaworld into the spotlight, reportedly planning to change its name to reflect its focus on the concept.

The technological buzzword refers to shared virtual spaces that people can access over the Internet with VR and AR devices, and it has attracted the attention of technical titans, including Microsoft.

But it’s not just Facebook and Silicon Valley: China’s tech giants are also working on a futuristic concept.

Game giant Tencent is set to focus on the development of the metaverse through a new gaming studio under its subsidiary TiMi Studios, the South China Morning Post reported on Thursday.

A representative of TiMi Studios confirmed to Insider the creation of a new global game development studio F1 Studio.

The spokesman said the company “does not intend to discuss any buzzwords” but “is dedicated to researching the future form of gaming”.

“Playing with the open world on consoles and PCs is now a strategic priority,” he added.

It can also be seen that the owner of TikTok ByteDance is taking steps into space with the acquisition of startup VR Pico Interactive.

ByteDance told Insider that he was “optimistic about the future of VR.”

E-commerce giant Alibaba has also joined the fight by registering several brands, including “Ali Metaverse”, which are associated with the buzzword, according to technical media reports last month, citing information from the database. Alibaba did not immediately respond to Insider’s request for comment.

Other Chinese technology firms that are beginning to push into the space include Kuaishou short video owner, iQiyi streaming video service and electric car maker Li Auto, according to AFP.

This is a race to the forefront of space, which is Bloomberg Intelligence It is estimated that by 2024 the cost could reach $ 800 billion.

Officially, China may not be so enthusiastic about the metaverse. Last month, the state-run media, the Security Times, warned against investing in a concept that is still in its infancy.

“Investing is not a virtual game,” the report warns. “Blindly investing in grand and illusory concepts like the metacosm can end up damaging your pockets.”

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