Chinese tech firm applications for metaverse trademarks surge in recent months. Approvals of these applications may be less forthcoming, however.
China’s internet giants have not been deterred by the Chinese government’s warnings. Or the country’s cryptocurrency ban. More than 1,300 Chinese enterprises have registered trademarks relating to the metaverse, according to recent reports.
When compared to just over 100 corporations allegedly filing for trademarks a few months ago, this is a significant surge.
China and Metaverse
There’s been a lot of news on the metaverse, as well as warnings from China’s central bank, the People’s Bank of China (PBoC). On the other hand, the current numbers demonstrate that the warnings still remain unheeded.
More importantly, the PBoC is apparently looking to use AML techniques to crack down on NFTs and the metaverse. The PBoC’s crackdown is an inevitable evolution after the countrywide ban on cryptos. PBoC’s efforts to rein in the space will intensify when analyzing the new data.
With 8,534 trademark applications filed by firms as of last Sunday, the main question will be how many, if any, will be approved.
PBoC’s AML team claims that the metaverse poses a threat, which needs constant high-level supervision, according to reports. According to the AML section, virtual assets serve as conduits for criminal activities. In addition their isolation and metaverse-based nature also makes them easier.
Big China Tech Firms Make a Stand
Despite this, a number of well-known Chinese IT companies are among the more than 1,300 companies that have applied for trademarks.
Huawei Technologies Co is a well-known company. It wasn’t long ago that Huawei was under the Trump administration’s scrutinizing eye. NetEase, the country’s second-largest gaming firm. Is said to have registered for 26 metaverse-related trademarks. There’s also Tencent, a gaming company, and Hisense, a television manufacturer.
Best Case Scenario
Approval is the best-case scenario for companies like Huawei and Tencent, among others. Approval will almost certainly come with drawbacks for China’s tech companies. With the advancement of NFTs and the metaverse, censorship is unlikely to become easier.
It will almost certainly become more rigorous. In the worst-case scenario, the government may take steps beyond simply rejecting trademark applications.