Thursday, September 29, 2022

Chinese Tech Multinational Company, Tencent Files for Metaverse Patent

Tencent, a Chinese global technology conglomerate has submitted an application for a patent featuring innovations hinged on the Metaverse. According to information gathered from Qichacha, a Chinese business data and analysis media house, the proposal has been submitted to the Chinese National Intellectual Property Administration (CNIPA).

In November last year, the People’s Bank of China (PBoC) made strong moves against the metaverse because of the disadvantages involved in patronizing the digital space, with the bank statement at the time that noting “the concept of virtual assets is becoming broader and broader, but its risks cannot be ignored.”

In a comment by the director of Anti-Money Laundering Monitoring and Analysis Center, Gou Wenjun, it is believed that the investment into the Metaverse and digital assets should be discouraged, seeing that they “are widely used in extortion, drug trafficking, gambling, money laundering, terrorist financing, tax evasion, cross-border transfer of funds and other illegal transactions.”

Amidst all these, the gaming and entertainment firm, Tencent joins other tech companies like iQiyi, ByteDance, and Xiaohongshu amongst many others with huge interests in the Metaverse in applying for this patent.

According to a report, a total of more than 16,000 proposals for trademarks have been submitted thus far by over a thousand tech firms. However, some of the applications are believed to be from malicious actors.

Tencent remains a leading proponent of tapping into the potentials of the Metaverse. On the last day of the year in 2021, the company hosted a virtual concert on the digital space, dubbed TMELAND. The event saw the attendance of over 1.1 million subscribers around the world and it is the first digital concert in China.

The multinational conglomerate has also bought an LA-based anime startup, Wave. It came into the limelight during the pandemic, and it was instrumental as a platform for music artists to entertain their fans.

While there are contentions as regards the Metaverse and who will be granted patent, a law that ensures that offenders that raise funds from the public through virtual currency are jailed is now under consideration. The Chinese Supreme Court had made the announcement last month, stating that the law will be in full effect from March 1st.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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