Chinese companies embark on a metaverse trademark race

Although the Folks’s Financial institution of China’s (PBOC) warning on metaverse and nonfungible tokens (NFTs) in November, greater than a thousand Chinese language firms have submitted 1000’s of metaverse-related trademark purposes.

In a summit again in November, Gou Wenjun, the PBOC’s AML and Evaluation Middle Director, warned concerning the risks of digital property. Based on Gou, as a result of digital property don’t have any bodily foundation, they can be utilized for unlawful monetary actions. Gou cited actions resembling “unlawful fundraising, pyramid schemes and fraud.”

Nonetheless, ignoring the PBOC’s warnings, Chinese language firms rushed to register metaverse-related emblems resembling “metaverse satellite tv for pc” and “metaverse exhibition.” Based on the South China Morning Put up, greater than 1,360 Chinese language firms submitted 8,534 trademark purposes associated to the metaverse by Sunday.

Many of the firms that utilized for trademark registrations are tech companies. This contains massive firms like Huawei and Hisense. The previous utilized to register “Meta OS” whereas the latter utilized with a number of emblems in varied areas like social companies, promoting and science. Gaming and tech large Tencent additionally joined in, having registered nearly 100 metaverse-related trademark purposes together with “QQ Metaverse,” “QQ Music Metaverse” and “Kings Metaverse.”

Except for the PBOC’s warning, Folks’s Each day, the official newspaper of the Chinese language Communist Get together, additionally issued a warning concerning the Metaverse again on Dec. 9. The newspaper warned individuals who interact in digital asset purchases that property gross sales inside metaverses carry excessive dangers of volatility.

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The trademark purposes didn’t come as a shock to many as demand for NFTs is on the rise. Based on the NFT gross sales tracker Crypto Slam, NFT gross sales prior to now seven days alone quantity to $580.7 million. Based on analysis by Cointelegraph Consulting, NFT gross sales are anticipated to prime $17.7 billion in 2021.

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