Tencent to focus on metaverse like developments with advanced gaming studio

$TENCENT (00700.HK)$ Tencent holdings which runs the world's largest video gaming business by revenue, plans to sharpen its focus on metaverse-like developments by assembling an internation team for a new studio that will develop advance games for the next stage of the internet The new gaming studio will be under subsidary TiMi studios.

- Tencent shares has been beaten down due to china recent crackdown of tech company
- Tencent is eyeing the metaverse space with new investment , joining peers like facebook in silicon valley.
- Other big names such as baba, IQiyi and Kuaishou is also joining the fray
- The potential for the spae could be worth an estimate of $800 billion by 2024

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