Metaverse has Chinese companies scrambling

Hype around the future of the ‘metaverse’ has Chinese companies frantically trying to position themselves as key players in the virtual world.

Asia Markets can reveal 16,000 Metaverse-related trademark applications have been filed with China’s State Intellectual Property Office.

It’s understood Chinese giants Tencent, iQiyi, Alibaba and Xiaohongshu have tried to apply, but were rejected.

The office has warned that many applications won’t be approved – particularly when it’s suspected companies are attempting to hoard trademarks without the purpose of use.

Last week, Bloomberg reported that China’s Banking and Insurance Regulatory Commission had issued a warning against illegal fundraising schemes being tied to the metaverse.

The article also noted, however, that Beijing appears to be allowing some metaverse projects, despite the concept’s association with gaming and cryptocurrencies.

China has a strict stance on cryptocurrencies and has recently been shutting down Bitcoin mining operations.