Despite the People’s Bank of China’s (PBOC) recent warning about the ‘metaverse’ and NFTs, many Chinese companies have filed for metaverse trademarks.
At a meeting in November 2021, Gou Wenjun, a People’s Bank of China official, spoke about the dangers of digital assets. Gou Wenjun, who cautioned investors, claimed that because digital assets lack a physical basis in real life, they can easily be used in illegal commercial activities.
Companies, on the other hand, did not take the People’s Bank of China’s warnings seriously enough. They competed for the registration of Metaverse-related trademarks. According to a local newspaper report, as of the end of this week, 1,360 Chinese companies had filed 8,534 trademark applications related to the ‘metaverse.’
Huwaei and Hisense also filed a trademark application for Metaverse.
Large companies such as Huawei and Hisense drew attention to the trademark registration applications, which most attracted the attention of technology companies. Huwaei has filed a trademark application for ‘Meta OS’ (Meta Operating System), while Hisense has filed applications in various fields such as social services, advertising, and science.
Tencent, a global leader in gaming and technology, has filed for trademarks on hundreds of metaverses, including ‘QQ Metaverse,’ ‘QQ Music Metaverse,’ and ‘Kings Metaverse.’
Despite the fact that businesses registered trademarks quickly, the issue resurfaced on December 9th in the official newspaper of the Chinese Communist Party. The newspaper made it abundantly clear that property sales in the metaverses of investors with digital assets are fraught with danger.