Chinese multinational Tencent has applied for a virtual concert patent from the regulators as the race to acquire metaverse trademarks gain steam among China’s companies.
The tech firm has been making inroads into the NFTs space. It held a virtual concert in Metaverse during New Year’s eve, with over a million fans across the globe.
The company also bought animation firm Wave, which uses motion-capture technology to form realistic virtual concerts.
The move defies an announcement by the People’s Bank of China in November that it would scrutinize Metaverse and NFTs to mitigate illegal activities.
PBoC Director of the Anti Money Laundering unit, Gou Wenjun, maintains that there are risks associated with NFTs and their use in illegal activities.
Data from news outlets reveals that China’s firms have submitted more than 16,000 trademark applications related to Metaverse.