Chinese Companies Embark On A Metaverse Trademark Race

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In spite of the metaverse and nonfungible tokens (NFTs) warning issued by People’s Bank of China’s (PBOC) in November, more than a thousand Chinese companies have submitted thousands of metaverse-related trademark applications.

Gou Wenjun, the PBOC’s AML and Analysis Center Director in a summit back in November, warned about the dangers of digital assets. According to Him virtual assets have no physical basis, and they can be used for illegal financial activities such as illegal fundraising, pyramid schemes, and fraud.

However, ignoring the PBOC’s warnings, Chinese companies rushed to register metaverse-related trademarks such as “metaverse satellite” and “metaverse exhibition.” According to the South China Morning Post, more than 1,360 Chinese companies submitted 8,534 trademark applications related to the metaverse by Sunday.

– Parrot

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