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Chinese companies embark on a metaverse trademark race
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Despite the People’s Bank of China’s (PBOC) warning on metaverse and nonfungible tokens (NFTs) in November, more than a thousand Chinese companies have submitted thousands of metaverse-related trademark applications.
In a summit back in November, Gou Wenjun, the PBOC’s AML and Analysis Center Director, warned about 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.”
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,
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