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Tencent Metaverse is ready to capture the market

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Tencent is ready to take the next big step and enter the growing metavers market.

What is Tencent doing?

Tencent is creating its own meta-powered division called the Augmented Reality Unit. The term ‘augmented reality’ refers to various immersed technologies, including augmented reality and virtual reality. The unit will oversee all metavers-related work, including software and hardware development.

The company plans to hire more than 300 people to fill the unit. The announcement comes as a surprise to some as Tencent has recently been in the news for major cost-cutting measures. However, according to the company, recruitment plans for the unit remain flexible because the business is still in the early stages of implementation and headcounts may increase or decrease based on performance.

The unit was originally formed earlier this year but the company kept it a secret, according to many sources. Li Shen, the current chief technology officer at Global, is expected to lead the division. It will be a part of Tencent’s entertainment division.

More about Tencent

Tencent is a Chinese entertainment and technology giant with a strong global presence. With the launch of this new unit, it is ready to grow bigger and compete against other players, including Microsoft and Meta, who are already producing XI and AR hardware.

Tencent is the largest company in the gaming industry, best known for making video games. Its services include smartphones, social networks, e-commerce, music, mobile games, web portals, internet services, payment systems and online games.

The company is financially very strong and has been in business for more than two decades.

Metaverse, popularly known as Facebook’s Mark Zuckerberg, is already valued at 40 billion. It is expected to reach the USD 1607 billion mark by 2030 with a CAGR of more than 50 percent.

New players are entering the market with new and established names. Facebook, now known as Meta, is already working tirelessly to create a future based on the concept of Metaverse. Even Disney is reportedly working on Metavers-related projects and other Chinese companies such as TikTok are not far behind.

Tech giant Apple has also jumped on the bandwagon and is using XR technology to create hardware, including headset units. Businesses that can enter the market quickly will have the advantage of early access. However, large sums of money are needed for research and development in this field, which is why some of these companies are losing money. Indeed, Meta has even recently acknowledged this but believes that Metaverse is the future and that this investment will yield great results in the long run.

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