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Chinese Tech Giants Tencent and Bytedance Plan Cuts in their Metaverse Divisions

Chinese tech companies Tencent and Bytedance have announced plans to downsize their Metaverse-related divisions due to financial pressures and challenges in developing this futuristic technology. Metaverse revolves around creating a shared virtual environment in which people can experience and interact online. However, this technology requires massive investments in infrastructure, research and development, which is a burden on large companies.

Tencent and Bytedance’s announcement comes after other companies have reduced their investments in Metaverse, including Facebook and Roblox. Although Metaverse is still in its early stages of development, it is expected to be an integral part of the internet in the future, thanks to its ability to create unique and interesting user experiences.

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