Tencent Launches an Extended Reality Division to Enter the Metaverse Market
The Chinese
technology and entertainment giant, Tencent has announced the launching of its
own metaverse division. The extended reality unit will be tasked with
encompassing all metaverse-related projects, including hardware and software
developments. It is reported that the company hopes to recruit over 300 people
in the division. Tencent attaches a great deal of importance to the division
while executing cost-cutting measures.
Tencent Officially Announces the Metaverse Division
The Chinese
software company, Tencent has moved closer to entering the metaverse realm.
Reuters reports that the Chinese tech and entertainment giant has announced the
launch of its extended reality unit, which will encompass all the initiatives
of entering the world of the metaverse.
The division
will be led by the current Global Chief Technology Officer, Li Shen, and will
be part of the entertainment division of the company. While details about the
division are awaited, sources state that the company will produce both software
and hardware products for the metaverse. Tencent might likely be
poised to be a strong contender for companies like Meta and Microsoft in the
east with the hypothetical production of AR and XI hardware.
The Significance of the Extended Reality Division
The extended
reality division has supposedly been under the blanket since the beginning of 2022.
The company will recruit more than 300 staff dedicated to different
metaverse-driven projects.
The
importance of the metaverse division cannot be underestimated, considering that
the company has been executing cost-cutting measures and slowing down hiring
efforts due to the macroeconomic conditions of the market. The unit is also
being considered a pet project of the Tencent founder. It is also reported that
this vision could change in the future with the focus and performance of the
unit.
Major tech
giants have also been investing in metaverse devices and platforms to take the
initiative in metaverse hardware and software, seeking to be the first to
present a cohesive virtual reality platform. However, this will compel them to
invest large sums of money in R & D. It may be recalled that tech giant Meta CEO has recently acknowledged this in
an interview with CNBC.
There have
been efforts to complete metaverse standards. Meta, Microsoft, and other
companies like Epic Games launched the Metaverse Standards Forum, with the idea of collecting information to coordinate the
establishment of jointly created standards for metaverse platforms.
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