According to business data tracker Qichacha, Tencent, a Chinese technology conglomerate has filed a patent application with the Chinese National Intellectual Property Administration for a virtual concert (CNIPA).
In November, the People’s Bank of China (PBoC) issued a strong statement condemning the Metaverse and non fungible tokens (NFTs), indicating that it will monitor them using anti-money laundering technologies. According to a report by Chinese news outlet The Paper, over a thousand Chinese enterprises have filed over 16,000 trademark applications relating to the metaverse.
Despite the warnings, Tencent, the Chinese multinational technology and video-game giant, has been driving China’s charge into the Metaverse. People at Tencent sent an internal memo about the development of a new “F1” studio under TiMi Studios in October last year, the South China Morning Post says. The new studio would have employees from China, the United States and Canada as well as Singapore.
Last December 31, Tencent hosted China’s first virtual concert in the Metaverse, a New Year’s celebration named TMELAND, which drew over 1.1 million people throughout the course of the festival. Tencent has also bought Wave, a Los Angeles-based animated concert startup that uses motion-capture technology to make virtual performances that are as real as possible.
Wave concerts had previously been extremely successful, and their popularity expanded throughout the pandemic as a new method for singers to interact with audiences. In August of last year, The Weeknd utilised Wave services to broadcast a virtual concert live on TikTok, which attracted roughly 2 million people worldwide and donated $350,000 to the Equal Justice Initiative.
“Regulation should be urged to come before innovation,” People’s Daily said on December 9. This is an official newspaper of China’s Communist Party and it warned people about the Metaverse.