Join the largest Cryptomag conference of 2021
metaverse brand race

Chinese companies begin on a metaverse brand race

In spite of the Chinese main financial institution’s proposition to monitor the Metaverse and NFTs, firms such as Tencent and also Huawei are pursuing metaverse-related hallmarks.

Despite the fact that individuals’s Financial institution of China’s (PBOC) caution on metaverse as well as nonfungible symbols (NFTs) in November, greater than a thousand Chinese business have actually submitted thousands of metaverse-related hallmark applications.

In a top back in November, Gou Wenjun, the PBOC’s AML and Evaluation Facility Supervisor, advised concerning the risks of electronic properties. According to Gou, because virtual properties have no physical basis, they can be made use of for illegal financial activities. Gou cited tasks such as “unlawful fundraising, pyramid schemes and fraudulence.”

However, overlooking the PBOC’s warnings, Chinese firms hurried to sign up metaverse-related trademarks such as “metaverse satellite” and “metaverse exhibit.” According to the South China Morning Article, greater than 1,360 Chinese companies sent 8,534 trademark applications pertaining to the metaverse by Sunday.

The majority of the business that got hallmark enrollments are technology firms. This consists of large firms like Huawei as well as Hisense. The previous used to sign up “Meta OS” while the last applied with numerous hallmarks in numerous locations like social solutions, advertising as well as science. Gaming and technology gigantic Tencent additionally participated in, having actually signed up virtually a hundred metaverse-related trademark applications consisting of “QQ Metaverse,” “QQ Songs Metaverse” and also “Kings Metaverse.”

Apart from the PBOC’s caution, People’s Daily, the main paper of the Chinese Communist Event, also issued an advising concerning the Metaverse back on Dec. 9. The newspaper cautioned people who participate in digital possession acquisitions that residential or commercial property sales within metaverses carry high dangers of volatility.

Connected: We saw mainstream fostering for NFT art kicking off in 2021, claims NFT.NYC co-founder Cameron Bundle

The trademark applications didn’t come as a surprise to many as demand for NFTs gets on the rise. According to the NFT sales tracker Crypto Slam, NFT sales in the past seven days alone amount to $580.7 million. According to study by Cointelegraph Consulting, NFT sales are anticipated to top $17.7 billion in 2021.

Leave a Reply