Tencent’s Cloud Unit to Create Virtual Experiences With a Singapore-based Web3 Firm
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Tencent’s Cloud Unit to Create Virtual Experiences With a Singapore-based Web3 Firm

Tencent Cloud and Web3 firm Strange Universe have teamed up to explore Web3 opportunities and help businesses thrive in the virtual world.
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Tencent’s cloud computing branch and Web3 firm Strange Universe Technology announced they are joining forces to create and host virtual experiences for enterprises. Under the terms of the agreement, Tencent Cloud will add its VR products and cloud solutions to Strange Universe’s VR platform.

Tencent and Strange Universe Team Up to Help Businesses Thrive in the Virtual World

Tencent Cloud, a cloud computing arm of the Chinese internet behemoth Tencent, announced it signed a Memorandum of Understanding (MoU) with Singaporean Web3 company Strange Universe Technology to tackle emerging opportunities in the virtual world. The two companies will also work together to create a sophisticated platform that will help businesses find their success in the virtual space.

As a part of the deal, Tencent will strengthen Strange Universe’s virtual reality (VR) platform with its own VR and cloud solutions, such as its real-time cloud rendering service, Virtual Interactive Space (VIS). This service, coupled with other Tencent Cloud’s solutions, offers unique virtual space delivery capabilities that can be used to host events like virtual live broadcasts and virtual conferences, allowing clients to easily create various scenario templates that suit their needs.

“As the physical and digital spaces emerge, more businesses have started looking to adapt and integrate their services in virtual worlds. Tencent Cloud has always been committed to assisting companies’ digital journeys through virtual world-related products and cloud solutions, and we look forward to working with Strange Universe Technology to open more doors of opportunities in creating a virtual world experience.”

– Krittee Manoleehagul, Vice President of Tencent Cloud International for Southeast Asia

The new deal is not the first time Tencent Cloud and Strange Universe collaborated. The web3 company has been using multiple Tencent Cloud’s Infrastructure as a service (IaaS) products in its virtual business operations.

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Metaverse’s Rapid Expansion Continues

Tencent’s partnership with Strange Universe marks another important deal for the metaverse, which represents a hypothetical new version of the internet built around immersive virtual worlds. The market continues to gain traction and is projected to grow at a compound annual growth rate (CAGR) of 47.6% to more than $1.5 trillion by 2029.

Last month, the Tokenist reported that Beijing is planning to build a $7.5 billion virtual human industry in the next three years using Web3 technology. Web3, sometimes referred to as the “new internet”, has seen a substantial increase in venture capital (VC) funding in 2022.

The move comes less than two months after Tencent unveiled a new extended reality (XR) business unit. The unit aims to make “benchmark” products for VR experiences over the next couple of years and test their capabilities in software, game content, operating systems, and more.

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