Tech giant Tencent scales back big plans for metaverse

According to a report from the foreign publication Reuters, Tencent has decided to downsize the team responsible for developing hardware for the metaverse.

The Chinese company had previously planned to create software and hardware for the emerging metaverse industry by hiring about 300 people to achieve this goal.

The division was launched in June and was named XR (Extended Reality).

Tencent has stated that it does not plan to completely disband the division. As far as can be understood from the report, this refers only to the division that deals with the development of the hardware part, i.e. the equipment, not the programs.

The reason for such downsizing is painfully banal - profitability optimization and lack of large investments. Perhaps when the hype around the industry rises again, we will see a large number of investments, promises, and efforts. In the meantime, you can subscribe to our Telegram channel.