The metaverse is currently the biggest buzzword in the tech world, and Chinese companies are quickly catching on. According to local reports, over 1,300 companies have applied for trademarks related to the metaverse, including Tencent, Huawei, and Alibaba. The money is also flowing, with the emerging sector receiving over $1.5 billion, most of it in the last quarter of the year.
The metaverse is an Internet iteration that combines several elements, including virtual reality and augmented reality, to allow users more interaction with their online world. Companies like Transmira have pioneered this new technology through Omniscape, which is built on the BSV blockchain. However, the metaverse gained mainstream popularity after Mark Zuckerberg changed his company’s name from Facebook to Meta and announced his plans for the space.
As Zuckerberg’s Meta, Google, Microsoft, Epic Games, and even Apple explore this technology in the West, their Eastern counterparts are also taking big leaps. According to the South China Morning Post, over 1,360 companies had filed applications for metaverse-related trademarks as of December 20. This is quite an achievement in itself, but even more captivating is that about three months ago, only 130 companies had filed for such trademarks.
Beijing has seen the highest number of applications at 810, with Guangzhou, Shenzhen, and Shanghai trailing with 637, 519, and 419 respectively.
Tech firms are leading this march. Tencent, the world’s largest video games company, has reportedly filed about 100 trademark applications, according to Tianyancha, a Chinese business and trademark registration tracking firm. The company has applied for trademarks for “King Metaverse,” “Tianmei Metaverse,” and more, as well as a metaverse trademark for QQ, its instant messaging service.
Other companies that have shown strong interest in pioneering the metaverse movement include Alibaba, which has even established an XR lab; TikTok’s parent company ByteDance, which invested $1.4 billion to acquire a VR headset maker; and mobile maker Xiaomi which invested in VR company Sky Limit Entertainment this month. Huawei and Hisense, China’s largest phone and TV makers, have filed metaverse-related applications as well.
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