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Chinese companies register thousands of Metaverse brand names


 

Although the Central Bank of China has issued a warning about the Metaverse and NFTs, major Chinese companies are registering brand names related to the Metaverse.


Although the Chinese central bank warned of the metaverse and non-fungible tokens (NFTs) in November, more than a thousand Chinese companies have registered trademarks related to the metaverse.


At a November summit, Gou Wenjun, director of anti-money laundering and analytics at PBOC, warned of the dangers associated with digital assets . Since virtual assets have no physical basis, they can be used for illegal financial activities, according to Gou. Gou cited "illegal fundraising, pyramid schemes and fraud" as examples.


Despite warnings from the PBOC, Chinese companies have registered thousands of trademarks related to the metaverse. These include terms such as "Metaverse Satellite" and "Metaverse Exhibition". According to the South China Morning Post 8534 mark in connection with the metaverse have until Sunday over 1,360 Chinese enterprises to register .


Most of the companies that have registered a trademark are technology companies. These include large companies like Huawei and Hisense. Huawei has secured the brand name "Meta OS", while Hisense has registered several brands in various areas such as social services, advertising and science. Games and tech giant Tencent has done the same, registering nearly a hundred trademarks related to the metaverse. Including "QQ Metaverse", "QQ Music Metaverse" and "Kings Metaverse".


In addition to the Chinese central bank, the official newspaper of the Chinese Communist Party, People's Daily, issued a warning in connection with the metaverse on December 9th. The newspaper warned people buying digital assets that doing business in Metaverses posed a high risk of volatility.

The registrations of these trademarks came as no surprise to many people as the demand for NFTs continues to grow . NFT sales in the past seven days alone totaled $ 580.7 million, according to NFT sales tracker Crypto Slam. NFT's revenue is projected to reach $ 17.7 billion in 2021, according to Cointelegraph Consulting .

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