Tencent Holdings, Chinese social media giant Beijing is expected to allow Silicon Valley’s now-mentioned ‘metaverse’ service to operate in China. If under the rules of the country
Tencent, China’s largest company by market capitalization Welcomed the opportunity for the gaming business to announce a profit on Wednesday. But it admits that the Chinese version of the metaverse will be different from the rest of the world.
“There are as many technologies involved in game development as metaverse,” Tencent president Martin Lau told analysts in a discussion of the metaverse.
Investors have been keen on the growing opportunities for virtual reality ever since Facebook CEO Mark Zuckerberg, recently renamed Meta Platforms Inc, announced that he would dedicate his company’s future to the metaverse.
Microsoft and Disney have also said they are working on their own metaverses.
Tencent’s Lau said, “The Chinese government will support the development of such technology. As long as the user experience is within the regulatory framework.
The question that pops up among tech investors is: “How could this happen in China?” despite the intense censorship of the internet. And the authorities have been cracking down on giants including Tencent since last year.
The regulator has also banned all crypto transactions, as well as rigorously oversaw the gaming industry. It also warns against investing in stocks linked to the metaverse.
Lau said, “Although there are different rules regarding the metaverse for China and the outside world, But basically I don’t mind the development of the metaverse.”
Lau sees there are “diverse paths” to the metaverse’s opportunities, such as through interactive games or social networks that act as ‘gamefields’.
“We have a lot of technology and talent units to help us tap into metaverse opportunities,” he said.
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