The parent company of the well-known video app TikTok, ByteDance, has partnered with a virtual social business. As a result of this action, the tech behemoth decided to make a bid in the nascent Metaverse market.
The investment made by ByteDance, according to the report, led to a merger that would be known as the “WaveParticle Technology.” About 50 people will be incorporated into the Pico Social Center as a result of the acquisition.
The tech behemoth has already made investments in gaming, VR devices, and other metaverse subcategories. The company’s ambition to create a digital virtual world to provide various services will undoubtedly benefit from this deal.
Earlier, ByteDance completed the acquisition of PoliQ, the company that runs the online social network “Vyou.” Users of the platform can always construct their own online personas. The start-up was acquired by Pico, a ByteDance-owned maker of virtual reality headsets.
According to the report, Ma Jiesi, the founder of PoliQ, would now oversee Pico’s social centre division. He was chosen to fill the position of former director of Xiaomi’s VR division. In 2018, Jiesi was the driving force behind the partnership between Xiaomi and Facebook-owned Oculus.
It stated that the Meta had somewhat established itself in the Metaverse. In an effort to create its own metaverse, ByteDance appears to be following in its footsteps as well.
The owner of Tiktok debuted a social networking app at the start of this year that enables users to communicate digitally via avatars. According to reports, it was ByteDance’s response to the rise of the Metaverse. The application known as Paiduidao suited the concept of the virtual digital world well.
Jiesi also points out that social networks might be a key component of clever VR applications. He continued by saying that it is also a new and significant trend in the creation of virtual reality products.
Read more: Gaming giant Tencent forms branch for extended virtual unit to compete in metaverse market