Chinese Companies Start A Metaverse Trademark Race

In spite of the Chinese reserve bank’s proposition to monitor the Metaverse and also NFTs, firms such as Tencent as well as Huawei are seeking metaverse-related hallmarks.

Also though individuals’s Financial institution of China’s (PBOC) caution on metaverse as well as nonfungible tokens (NFTs) in November, greater than a thousand Chinese companies have sent hundreds of metaverse-related trademark applications.

In a summit back in November, Gou Wenjun, the PBOC’s AML and also Evaluation Facility Supervisor, warned about the dangers of digital possessions. According to Gou, due to the fact that digital properties have no physical basis, they can be used for illegal economic activities. Gou cited tasks such as “illegal fundraising, pyramid systems as well as fraudulence.”

Overlooking the PBOC’s warnings, Chinese firms hurried to sign up metaverse-related trademarks such as “metaverse satellite” and also “metaverse event.” According to the South China Early Morning Post, greater than 1,360 Chinese companies sent 8,534 hallmark applications pertaining to the metaverse by Sunday.

Many of the business that used for hallmark enrollments are technology firms. Gaming as well as technology huge Tencent also signed up with in, having registered nearly a hundred metaverse-related hallmark applications consisting of “QQ Metaverse,” “QQ Music Metaverse” and also “Kings Metaverse.”

Apart from the PBOC’s warning, Individuals’s Daily, the main newspaper of the Chinese Communist Event, additionally issued a warning regarding the Metaverse back on Dec. 9. The newspaper warned individuals that participate in electronic possession acquisitions that residential property sales within metaverses lug high dangers of volatility.

Associated: We Saw Mainstream Adoption For NFT Art Kicking Off In 2021, States NFT.NYC founder Cameron Bundle

The trademark applications didn’t come as a shock to many as need for NFTs is on the increase. According to the NFT sales tracker Crypto Slam, NFT sales in the previous 7 days alone amount to $580.7 million. According to research by Cointelegraph Consulting, NFT sales are expected to top $17.7 billion in 2021.

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