The metaverse-hype is getting intense with every passing day. Companies, agencies, clubs, and associations from almost all walks are trying to jump onto the bandwagon, as they do not want to miss out on the next big development in the technology ecosystem.
As the whole meta concept is gradually trying to become mainstream and amass even more popularity, a host of companies, including Tencent, Xiaohongshu, and iQiyi, have tried to apply for “Metaverse”-related trademarks in China. Their applications have, however, been rejected.
On 21 February, the State Intellectual Property Office said in an interview with The Paper that until now, more than 16,000 trademark applications encapsulating the word “Metaverse” have been filed.
As per the “Trademark Law” and its relevant regulations, the State Intellectual Property Office will review the relevant trademark registration applications of “Metaverse” in accordance with the law. The office has, nevertheless, warned that applications will not be approved, especially if it was suspected that companies were attempting to hoard trademarks without the purpose of use.
It further outlined that while applying for registered trademarks, market players ought to comply with the relevant provisions of the Trademark Law, abide by the principle of good faith, and not harm social and public interests or disrupt the order of trademark registration.
China’s anti-metaverse stance
Well, Chinese regulatory authorities have not been particularly in favor of the metaverse. For instance, the China Banking and Insurance Regulatory Commission issued a warning against illegal fundraising schemes being tied to the metaverse quite recently.
The regulator said,
“Some criminals tie the metaverse concepts with their projects and introduce ‘earn money while playing games and ‘high yields with short cycles’ concepts to lure people to invest by trading virtual currencies and assets in the games.”
Additionally, It noted that virtual real estate was another scheme used by fraudsters.