Chinese Providers Embark On A Metaverse Brand Race!!

Chinese Providers Embark On A Metaverse Brand Race!!

Regardless of the Chinese reserve bank’s proposal to keep track of the Metaverse and also NFTs, companies such as Tencent and Huawei are going after metaverse-related hallmarks.

Despite the fact that individuals’s Financial institution of China’s (PBOC) caution on metaverse and also nonfungible symbols (NFTs) in November, more than a thousand Chinese firms have actually sent countless metaverse-related trademark applications.

In a summit back in November, Gou Wenjun, the PBOC’s AML as well as Analysis Facility Supervisor, advised about the risks of electronic possessions. According to Gou, since online possessions have no physical basis, they can be utilized for prohibited monetary tasks. Gou mentioned activities such as “illegal fundraising, pyramid plans as well as fraudulence.”

Disregarding the PBOC’s warnings, Chinese business hurried to register metaverse-related hallmarks such as “metaverse satellite” and also “metaverse exhibit.” According to the South China Early Morning Article, greater than 1,360 Chinese companies sent 8,534 hallmark applications pertaining to the metaverse by Sunday.

Most of the business that used for hallmark registrations are technology companies. Video gaming and tech gigantic Tencent likewise joined in, having actually signed up virtually a hundred metaverse-related hallmark applications including “QQ Metaverse,” “QQ Songs Metaverse” and “Kings Metaverse.”

Besides the PBOC’s caution, Individuals’s Daily, the official paper of the Chinese Communist Party, additionally issued an alerting about the Metaverse back on Dec. 9. The newspaper advised people that engage in digital possession purchases that residential or commercial property sales within metaverses lug high dangers of volatility.

Connected: We saw mainstream fostering for NFT art beginning in 2021, claims NFT.NYC founder Cameron Bale

The trademark applications really did not come as a surprise to numerous as demand for NFTs is on the rise. According to the NFT sales tracker Crypto Slam, NFT sales in the previous seven days alone total up to $580.7 million. According to research study by Cointelegraph Consulting, NFT sales are expected to cover $17.7 billion in 2021.