Even though the People’s Bank of China’s (PBOC) warning on metaverse and nonfungible tokens (NFTs) in November, more than a thousand Chinese companies have submitted thousands of metaverse-related trademark applications.

In a summit back in November, Gou Wenjun, the PBOC’s AML and Analysis Center Director, Beware of the potential dangers of digital assets. Gou said that virtual assets are not physical and can therefore be used to finance illegal activities. Gou cited activities such as “illegal fundraising, pyramid schemes and fraud.”