Nov 28, 2023 06:50 AM

BUSINESS

ByteDance to Wind Down Nuverse Gaming Business

By Guan Cong and Denise Jia

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ByteDance’s office in Shanghai.

ByteDance’s office in Shanghai.

TikTok’s Chinese owner ByteDance Ltd. plans to wind down its Nuverse gaming business, and will ultimately exit the mainstream video game sector dominated by Tencent Holdings Ltd. and NetEase Inc., Caixin confirmed with several independent sources Monday.

Nuverse will shut down all projects under development and will sell the ownership and operation of existing top-selling titles to other companies, according to the sources.

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