Tuesday, July 5

Chinese companies embark on a branding race for the metaverse By CoinTelegraph

© Reuters. Chinese companies embark on a branding race for the metaverse

Despite the People’s Bank of China (PBOC) warning about metaverse and non-fungible (NFT) tokens in November, more than a thousand Chinese companies have filed thousands of metaverse-related trademark applications.

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

  • Metaverses virtual grounds dominated NFT sales over the past week

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

Read the full article on Cointelegraph

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