• bitcoinBitcoin(BTC)$23,266.000.50%
  • ethereumEthereum(ETH)$1,712.240.14%
  • tetherTether(USDT)$1.000.17%
  • binancecoinBNB(BNB)$323.590.77%
  • rippleXRP(XRP)$0.3755670.27%
  • cardanoCardano(ADA)$0.520.85%
  • polkadotPolkadot(DOT)$8.771.83%
  • litecoinLitecoin(LTC)$61.610.33%
  • UniswapUniswap(UNI)$8.950.78%
  • Home
  • Coins
    • Bitcoin
    • Ethereum
  • Blockchain
  • Regulation
  • Mining
  • Guides
What's Hot

Coinbase selected by BlackRock; provide Aladdin clients access to crypto trading and custody via Coinbase Prime | by Coinbase | Aug, 2022

August 7, 2022

US ‘past peak inflation’ after Tesla sells 90% of Bitcoin

August 7, 2022

Voyager to Allow Cash Withdrawals for Customers With US Dollars Held in Accounts – Bitcoin News

August 7, 2022
Facebook Twitter Instagram
Facebook
Cryptovot Cryptovot
  • Home
  • Coins
    • Bitcoin
    • Ethereum
  • Blockchain
  • Regulation
  • Mining
  • Guides
Cryptovot Cryptovot
Home»Coins»Over 1000 Chinese firms file for metaverse related trademarks despite PBoC warning
Coins

Over 1000 Chinese firms file for metaverse related trademarks despite PBoC warning

CryptoNewsBy CryptoNewsDecember 21, 2021No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
Share
Facebook Twitter LinkedIn Pinterest Email


China is known for having a negative stance towards the crypto market. After banning crypto mining and trading, companies in the country no longer engage in digital assets except for the digital yuan.

Now, companies in mainland China are exploring other blockchain options, including metaverse and non-fungible tokens (NFTs). This comes despite a previous warning by the People’s Bank of China (PBoC) regarding the metaverse and NFTs.

Chinese companies file for metaverse trademarks

A publication from South China Morning Post noted that 1360 companies based in China submitted over 8000 metaverse related trademark applications. This comes despite Gou’s remarks that virtual spaces can be used to conduct “illegal fundraising, pyramid schemes and fraud.”

Tech giants are taking the lead in filing for metaverse trademarks. Leading Chinese firms such as Hisense and Huawei are among those that have lodged for these trademarks. Huawei has applied for a “Meta OS” trademark, while Hisense’s trademark applications revolved around science, advertising, social services and more.

Tencent, a gaming tech giant, has made nearly 100 trademark applications, including Kings Metaverse, QQ Metaverse and QQ Music Metaverse.

Ignore stern warnings

Over a thousand companies in China have lodged applications for metaverse-related trademarks. This is contradictory to what the PBoC advocated for in November. At the time, Gou Wenjun, the bank’s AML and Analysis Center Director, warned about the imminent dangers posed by crypto assets.

Gou stated that any form of virtual asset could be used to finance illegal activities. However, leading Chinese companies are not heeding this warning. The companies have now rushed to register trademarks related to the metaverse, including metaverse satellite and metaverse exhibition.

PBOC is not the only body warning people against virtual assets. People’s Daily, the official newspaper for the Chinese Communist Party, issued a warning about the metaverse on December 9. The publication noted that purchasing virtual properties within the metaverse came with a high level of risk.

The trademark applications come when demand for metaverse-related products and non-fungible tokens (NFTs) is on the rise. While NFT sales have slowed down compared to previous months, demand is still notably high. Crypto Slam, an NFT sales tracker, noted that sales in the past week totalled $580.7 million.

Further data shows that before the year closes, the annual NFT sales will gave topped $17.7 billion. The growing popularity of the metaverse has been attributed to this influx in demand for NFTs.

Your capital is at risk.

Read more:



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
Previous ArticleBig Time Studios Set To Launch Highly Anticipated SPACE NFTs
Next Article Crypto Exchange Kraken Acquires Staking Platform Staked
CryptoNews
  • Website

Related Posts

Voyager to Allow Cash Withdrawals for Customers With US Dollars Held in Accounts – Bitcoin News

August 7, 2022

Bitcoin and Ethereum”Incredibly Oversold” States Bloomberg Analyst: Forbes

August 7, 2022

Sold: 75% of Tesla’s Bitcoin

August 7, 2022

Binance-WazirX Acquisition Was Never “Complete”: Binance’s CEO Changpeng Zhao

August 6, 2022

Leave A Reply Cancel Reply

Recent Posts

  • Coinbase selected by BlackRock; provide Aladdin clients access to crypto trading and custody via Coinbase Prime | by Coinbase | Aug, 2022
  • US ‘past peak inflation’ after Tesla sells 90% of Bitcoin
  • Voyager to Allow Cash Withdrawals for Customers With US Dollars Held in Accounts – Bitcoin News
  • Bitcoin and Ethereum”Incredibly Oversold” States Bloomberg Analyst: Forbes
  • Sold: 75% of Tesla’s Bitcoin
Don't Miss
Regulation

Coinbase selected by BlackRock; provide Aladdin clients access to crypto trading and custody via Coinbase Prime | by Coinbase | Aug, 2022

By CryptoNewsAugust 7, 20220

Tl;dr: Coinbase and BlackRock to create new access points for institutional crypto adoption by connecting…

US ‘past peak inflation’ after Tesla sells 90% of Bitcoin

August 7, 2022

Voyager to Allow Cash Withdrawals for Customers With US Dollars Held in Accounts – Bitcoin News

August 7, 2022

Bitcoin and Ethereum”Incredibly Oversold” States Bloomberg Analyst: Forbes

August 7, 2022
About Us
About Us

CryptoVot is a Leader in cryptocurrency, Bitcoin, Ethereum, XRP, blockchain, DeFi and digital finance news with analysis, pictures, video and live price updates.

Check out our other website:
Newsvot.com
Funnyvot.com
Healthvot.com
Gamesvot.com
Contact us: contact@vot.media

Facebook
  • Home
  • PRIVACY POLICY & CCPA
  • Do not sell my personal information
  • Opt out / Unsubscribe
© 2022 VotMedia

Type above and press Enter to search. Press Esc to cancel.