(Cointelegraph) Tech giant Tencent has filed for a patent with the Chinese National Intellectual Property Administration to launch virtual concerts in the metaverse.
The patent filing by Tencent comes amid an uncertain regulatory environment, with China’s central bank issuing a strong warning against the metaverse and non-fungible tokens last year.
The latest move by Tencent underlies several other steps the tech giant has taken to make the metaverse a reality. On December 31, 2021, the company launched its first-ever virtual concert in the Metaverse, with over 1.1 million fans in attendance.
Chinese firms have shown a lot of interest in the metaverse, with more than one thousand firms having filed about 16,000 metaverse-related patents.
It now remains to be seen the reaction of the Chinese regulator on the patent application by Tencent amid concerns of the use of the asset classes for illicit purposes.
0700: HKG is down -1.09%.
