TikTok Parent Company Set to Invest Heavily in the Metaverse

ByteDance and Pico have formed a merger aimed at integrating talents into the Pico social space while providing a platform for ByteDance to define its Metaverse objectives.

Jul 1, 2022
by Michael
TikTok Parent Company Set to Invest Heavily in the Metaverse
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Bytedance To Invest Strongly in The Metaverse

ByteDance, the parent company of top video-based app Tiktok, has partnered with Pico to form a merger called WaveParticle Technology. This merger will integrate 50 talents into the Pico Social Center, paving the way for ByteDance to invest strongly in the metaverse.

ByteDance has invested in VR headsets, games, and other components of the metaverse. However, this partnership will fast-track the company’s vision of creating a virtual world offering different services.

The company has also made prior acquisitions, buying PoliQ, which works on a virtual social platform called Vyou. Individuals use this platform to build their avatars. However, this company is now a part of Pico, the company’s VR Headset subsidiary. This purchase is the first main investment by a top Chinese company in the metaverse.

Because of his track record and experience, the Founder of PoliQ, Ma Jiesi, will head this social center. Jiesi was a former director of Xiaomi’s VR department and was instrumental in collaborating with the company and Facebook-owned Oculus in 2018. According to him, social networks are very necessary for VR applications, and they are also emerging trends in developing VR products.

Bytedance Investments in The Metaverse

Since Meta, previously Facebook, has plunged into the metaverse, ByteDance will follow in its footsteps to create its metaverse. At the beginning of this year, the company launched a social media app called Paiduidao, which is a ‘good fit’ definition of the virtual world. This app allows users to interact virtually through the use of avatars.  

The company is also working with US giant Qualcomm to advance XR technologies for the metaverse.

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