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One of the largest video game publisher in the world had lofty aspirations to develop both virtual reality games/software and hardware. The giant publisher founded an “extended reality” XR unit in June of last year to make this vision reality by hiring nearly 300 people.
But now, According to a foreign website Reuters, the Chinese company Tencent is abandoning plans to release its virtual reality hardware designs for the Metaverse, and all newly hired people for Metaverse will be fired.
Tencent is among the numerous companies that have realized that the Metaverse is of no interest to anyone after the first boom. Due to this, it does not make sense to allocate resources in a recession when the market you want to access is already dead.
This shows that the Metaverse is already the NFT of the gaming industry. Much hype and cymbal, but nobody used them at the moment of truth. This suggests a well-known lack of interest, devaluation, and the idea that it is not wise to devote resources to a company that has already passed its prime.
On the other hand, last week, we also learned that Microsoft had wiped out their entire team behind their industry-wide Metaverse, and now Tencent also considers the Metaverse is now dead.
Reports showed that Tencent had already designed a controller concept where the controller was similar to a ring. But the difficulties in achieving rapid profitability and the significant initial investment required to make a competitive product led the company to abandon the concept.
The source also revealed that;
“Under the company’s new strategy as a whole, it no longer quite fit in,” the first source said.
it seems like Tencent will now focus on Cloud gaming, as they recently signed an agreement with Logitech’s gaming division to develop a portable console linked to a cloud-centric gaming experience. Most interesting, it will focus on giving access to already available platforms such as Xbox Cloud Gaming and NVIDIA GeForce NOW.
On the other hand, Tencent also partnered with NVIDIA to bring its cloud gaming platform to life. Following this agreement, manufacturing a mega data center with more than 1 million servers with AMD EPYC CPUs began.
What are your thoughts on Tencent abandoning the Metaverse project? Do you agree with the Chinese giant? Share your thoughts in the comment section below.
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Sajjad Hussain is the Founder and Editor-in-Chief of old.tech4gamers.com. Apart from the Tech and Gaming scene, Sajjad is a Seasonal banker who has delivered multi-million dollar projects as an IT Project Manager and works as a freelancer to provide professional services to corporate giants and emerging startups in the IT space.
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