February 25, 2024

The Chinese tech firm, Tencent, has applied for a license to host concerts in the virtual space despite warnings from regulatory bodies and the Chinese bank. The application was filed with CNIPA (Chinese National Intellectual Property Administration). Presently, several organizations are taking bold steps to establish their presence on the metaverse.

Tencent Vying For Virtual Presence On The Metaverse

As stated by Qichacha, a data tracking platform, Tencent is pushing for a license on the digital world after hosting the country’s first metaverse concert festival, TMELAND, on new years eve, which recorded a total number of over 1 million participants.

In November, PBoC (People’s Bank of China) made a solid stance against the Virtual world and NFTs (Non-Fungible Tokens), stating that it will take AML (Anti-Money Laundering) steps to track digital assets. As reported on the country’s news media, The Paper, approximately 16,000 trademark rights relating to the metaverse were filed by several Chinese organizations.

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Notwithstanding the caution, Tencent, a video-game corporation, has been at the pinnacle of China’s campaign into the virtual world. On the Morning Post, the tech giant sent a memo to its employees in October 2021 about developing a novel “F1” facility under its unit, TiMi Studios. The new video facility will include workers from Singapore, Canada, China, and America.

Also, the company has procured Wave, a concert company based in Los Angeles that develops realistic virtual performances with the help of motion-capture equipment.

Right from time, Wave has recorded huge success and was very popular when the Covid-19 lockdown started as a way for musicians and singers  to maintain contact with their audience. In 2021, The Weeknd made use of Wave to transmit a live virtual music concert on TikTok. The show drew over 2 million people all over the world and donated $360,000 for its project dubbed ‘Equal Justice’.

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Warning From Chinese Bank

It is not yet certain if regulatory bodies will impact the multinational’s aspirations. On the 26th of November, Gou Wenjun, manager of the PBoC’s AML section, warned of the challenges connected with emerging crypto ecosystem developments like the virtual world and NFTs during a national conference on financial security. He warned that if these assets were left uncontrolled, they might be efficiently utilized for illegal purposes such as tax evasion and money theft.

On the 9th of December, the Newspaper of the CCP (Chinese Communist Party), People’s Daily, warned the public about the digital world, stressing that “restriction should be put first before invention.”

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According to The Paper, Tencent is not the only Chinese company that has evolved into the metaverse. Others are also vying for a space, such as NetEase, ByteDance, and Baidu. Although there have been several warnings concerning the new technology, China is yet to release any regulatory policies or sanctions.

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