Crypto News

Chinese Internet Giant Baidu Registers Trademark

Despite the federal government’s restriction on bitcoin and an imminent ban on the metaverse, Chinese web firm Baidu introduced on Monday that it has filed its metaverse trademark.

Baidu And The Metaverse Of Xi’rang

According to the latest commerce registration statistics, Chinese enterprises are hurrying to register emblems associated to the metaverse, or Yuanyuzhou in Chinese, regardless of Beijing’s cautions concerning the dangers related to the novel idea.

Baidu, China’s largest web company, stated earlier right now that it has registered its metaverse trademark. Baidu additionally confirmed out a preview of its Xi’rang Metaverse setting.

According to the Securities Daily, which cited statistics from firm and trademark registration monitoring company Tianyancha, greater than 1,360 Chinese corporations, principally know-how companies, have registered to register metaverse-related emblems as of Sunday, up from solely 130 entities three months in the past.

ETH Will power apart of the metaverse

ETH massacre continues. Source: TradingView

Apart from Baidu, different well-known companies within the Chinese web business have additionally utilized to register their metaverse emblems. According to a tweet from Chinese supply 8BTC, huge manufacturers like NetEase Global, Alibaba, TENCENT, and Bytedance – TikTok’s mum or dad agency – have utilized for metaverse emblems.

Securities Daily famous that almost all of trademark purposes are at present “pending” or present process “substantive examination.”

While metaverse is shortly turning into the brand new web craze, the Chinese authorities is at present contemplating increasing its crypto prohibition to incorporate metaverse. Last Monday, the Chinese official media issued a warning in opposition to metaverse and cloud mining frauds, citing the widespread misuse of Metaverse phrases by con artists.

Related article | Cardano Founder Says Metaverse Is Important For Crypto

Chinese Companies Are Hustling The Metaverse

According to a Grayscale research report launched final month, the variety of Metaverse customers elevated by 10X in only one and a half years. Furthermore, the survey anticipated that if the metaverse saved rising at this fee, it should develop into a trillion-dollar sector by subsequent yr. Furthermore, in line with Grayscale’s evaluation, Metaverse has the potential to develop into a vital element of Web 3.0, much like how Facebook performed a job in Web 2.0.

The metaverse, which many see as the subsequent iteration of the web, presents a lifelike, immersive digital world the place individuals can meet, work, and play. Cryptocurrency is used to make transactions and purchases of digital merchandise within the metaverse, that are backed by non-fungible tokens (NFTs) or different digital property.

Despite the truth that Chinese corporations are speeding to undertake the idea, the Chinese authorities has maintained a cautious stance, as acknowledged in state-run media commentators.

People’s Daily issued a new warning concerning the metaverse on December 9, claiming that “virtual property” gross sales posed risks of volatility, fraud, illicit fundraising, and cash laundering.

Last week, telecommunications big Huawei Technologies Co and Hisense, China’s largest tv producer, joined the metaverse bandwagon.

Huawei filed a trademark application for Meta OS, and Hisense filed trademark purposes for a number of metaverse emblems in industries resembling promoting gross sales, social companies, and scientific devices.

Related article | A Wave Of New Blockchain Games Are Accelerating Mainstream Adoption Of Collectibles And NFTs

Featured picture from Unsplash, chart from TradingView.com

 

Related posts

How Coinbase thinks about the Metaverse

Crypto Advisor

Bitcoin Fails Again, Can Bulls Save The Day?

Crypto Advisor

Skybridge Capital Founder Doubles Down on $100K Bitcoin Prediction — Expects BTC to Reach $500K Long-Term – Markets and Prices Bitcoin News

Crypto Advisor

Leave a Comment