Warren Buffett-Backed BYD Follows Nio, Xpeng In Filing For Metaverse Trademark: Report

BYD Co BYDDY, backed by veteran investor Warren Buffett, has filed for the Metaverse trademark, cnEVpost reported on Monday.

What Happened: The Shenzhen, China-headquartered BYD has applied for the "BYD Metaverse" close on the heels of local rivals such as Nio Inc NIO, Xpeng Inc (NYSE XPEV) and Li Auto LI filing for their own multiple Metaverse trademarks. 

BYD applied for the trademark on Dec. 27, 2021, and is awaiting confirmation.

Why It Matters: Metaverse is drawing increased attention, especially with tech giant Facebook’s recent name change to Meta Platforms Inc FB in a bid to highlight its focus on metaverse.

See Also: How To Invest In The Metaverse

The term metaverse was coined in the 1992 science fiction novel "Snow Crash" by Neal Stephenson. The term represents a meeting of the physical world with augmented and virtual reality. 
The popularity of Metaverse as a concept comes in the aftermath of the rise of non fungible tokens (NFTs) and Web 3.0, enabled by blockchain platforms such as Ethereum ETH/USD.

Buffett, who backs BYD, has been an outspoken critic of cryptocurrencies, over the years, once calling Bitcoin BTC “probably rat poison squared.”

Price Action: BYD shares closed 4.3% lower at $58.4 a share on Friday.