MEXCTikTok Metaverse? Owner ByteDance Buys Into Blockchain
ByteDance, the parent company of famous video app TikTok has joined hands with a virtual social company. This move has led the tech giant to place its bid on the emerging Metaverse sector.
ByteDance on acquisition spree?
According to the report, ByteDance’s investment has resulted in a merger which will be known as the “WaveParticle Technology”. The acquisition will lead to the integration of the 50 people into the Pico Social Center.
The tech giant has already invested in VR hardware, games and other metaverses subdivisions. This deal will surely boost the company’s plan to build a digital virtual world to offer different services.
Earlier, ByteDance went on to buy the PoliQ which operates the virtual social platform “Vyou”. The platform always users to create their own online avatars. The start up was absorbed by the ByteDance owned VR headset company, Pico.
Will it build its Metaverse?
As per the report, the Founder of the PoliQ, Ma Jiesi will now lead the social center department at Pico. He was appointed as the former director of Xiaomi’s VR unit. Jiesi was the man behind the collaboration between Xiaomi and Facebook-owned Oculus back in 2018.
It mentioned that the Meta has got a kind of set its foot in the Metaverse. Meanwhile, the ByteDance also seems to be following its footsteps in a bid to build its own metaverse.
At the beginning of this year, Tiktok owner launched a social media app that allows the users to connect virtually by using avatars. Reportedly it was ByteDance’s reaction to the surge of Metaverse. The app named Paiduidao made a good fit for the definition of the virtual digital world.
Meanwhile, Jiesi mentions that social networks can be very important link in smart VR applications. He added that the it is also an emerging and important trend regarding the development of virtual reality products.
- CFTC, SEC Launch ‘New Era of Collaboration’ to Clarify Crypto Rules, End Regulation by Enforcement
- Senate Committee Finalizes Updated Crypto Market Structure Bill Draft, Release Expected In Days
- €648 Billion Nordea To Allow Customers to Trade Bitcoin-Linked ETFs
- Uphold Joins Gemini, Relaunches XRP Debit Card Following SEC Lawsuit Resolution
- Breaking: XRP Treasury Evernorth Debuts on Nasdaq Under XRPN Ticker After $1B Token Purchase
- Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds
- Bitcoin Price Forecast as Trump Cuts Tariffs After US-China Trade Deal
- Analyst Foresees a Parabolic Rally for Pepe Coin Price as Whale Accumulation Intensifies
- Fidelity Amends S-1 for Solana ETF: Is SOL Price Set to Rally?
- Pi Coin Price Targets $0.65 as ISO 20022 Membership Boosts Institutional Confidence
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
