Chinese tech Tencent applies for a virtual concerts patent with the Chinese National Intellectual Property Administration, according to a report by CoinTelegraph on Thursday.

  • The People’s Bank of China (PBoC) opposed the Metaverse and nonfungible tokens (NFTs) in November, arguing that it would monitor and track with Anti-Money Laundering (AML) tools.
  • Despite the strong resistance against the Metaverse by PBoC, the Chinese multinational technology and video game giant Tencent has been leading China’s push into the Metaverse.
  • Tencent sent out internal communications to its employees in October last year, relating to the creation of a new “F1” studio that will involve its employees from China, the United States, Canada and Singapore.
  • On December 31 of 2021, Tencent conduct its first-ever virtual concert in the Metaverse referred to as TMELAND, with more than 1.1 million fans joining in the New Year’s festival.

Tencent has also bought Los Angeles-based animated concert company that adopts motion-capture innovation to create realistic virtual concerts. TCEHY: SEHK is down -1.09%