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Several Chinese companies are engaged in a Metaverse trademark race

3 min reading

More than a thousand Chinese companies have applied for thousands of metaverse-related trademarks inspite of strict warning from People’s Bank of China (PBOC).

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Chinese companies, such as Tencent and Huawei, are seeking trademarks related to the Metaverse in spite of the central bank’s proposal to monitor the Metaverse and NFTs. In spite of the People’s Bank of China (PBOC) warning on metaverse and non-fungible tokens (NFTs) in November, more than a thousand Chinese companies have applied for thousands of metaverse-related trademarks.

PBOC Director of AML and Analysis Center, Gou Wenjun, warned about the dangers of digital assets back in November. According to Gou, since virtual assets have no physical representation, they can be used for illegal activities. Among the activities Gou cited were “illegal fundraising, pyramid schemes and fraud.”

Nevertheless, Chinese companies ignored the PBOC’s warnings and registered trademarks related to the metaverse, such as “metaverse satellite” and “metaverse exhibition.”

In a report in the South China Morning Post, it stated that 8,534 trademark applications had been submitted by Chinese companies related to the metaverse by Sunday. Many of the companies seeking trademark registrations are tech firms. These include Huawei and Hisense. Huawei filed his trademark application under “Meta OS” and Hisense filed with several trademark applications under categories like social services, advertising, and science. Tencent, a gaming and technology giant, also got involved, having registered almost one hundred trademarks related to the metaverse, including “QQ Metaverse,” “QQ Music Metaverse,” and “Kings Metaverse.”

Additionally to the PBOC’s warning, the official newspaper of China’s Communist Party, People’s Daily, warned the public on Dec. 9 about the Metaverse. The newspaper warned people who engage in digital asset purchases that property sales within metaverses carry high risks of volatility.

Also Read - Bank of Russia Ban mutual funds from investing in Bitcoin

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