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US And South Korea-Based Firms Account For 75% Of The World’s Metaverse Patents – Report

A recent report from Nikkei Asia shows that since 2016, companies based in the United States and South Korea have filed over 75% of the patent applications for the metaverse, virtual reality, and augmented reality (VR/AR).

In a joint survey by Nikkei Asia and the Cyber Creative Institute, the data indicates that among the world’s top 20 metaverse applications, the two countries account for over 75% of the submissions out of the 7,760 total applicants since 2016.

US firms rank top with over 56%, while South Korean companies bagged the second spot with 19%. These two nations are followed by Chinese firms with 12% and Japanese companies with 8%.

However, the survey assessed roughly 20 patent groups in the metaverse, AR, and VR spaces, involving several markets like the United States, Japan, Europe, and other regions.

Interestingly, the South Korean multinational electronics maker LG Electronics has had the most metaverse patent applications since 2016, directly followed by its rival, Samsung Electronics.

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Meanwhile, South Korea’s firms have already integrated non-fungible token (NFT) trading into some of their smart TV collections at the start of the year.

For the US, corporate giants like Meta, Intel, and Apple dominate the top 20 metaverse patent application list alongside China’s Huawei and Sony Electronics of Japan.

The Reality of Meta’s Metaverse Investment

After the rebranding of the popular social media company to Meta last year, its founder, Mark Zuckerberg, explained his ambitions for the new virtual ecosystem. The metaverse is expected to signal another alternative world in the digital realm accessible through VR gadgets.

Meta believes the metaverse industry will be a billion-dollar industry in the coming decade. However, one year is down the line, and Meta’s vision for the virtual ecosystem built around decentralized systems is still in its infancy.

Following a poor showing, the company is facing challenges in convincing investors about the prospects of its metaverse project, as it saw a decline of more than 20% in its revenue.

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Nevertheless, Zuckerberg remains convinced in the metaverse project. He argued that it would be the future of the internet, fitted with customizable avatars and immersive digital spaces.

As the world emerged from the COVID-19-induced lockdown, Zuckerberg promised a platform where individuals could virtually meet, interact with friends, and hold events. The lofty expectations behind this idea birthed the change of name from Facebook to Meta.

The much-hyped financial outlook of what the virtual space would turn out to be has failed to boost the adoption rate. For example, Meta’s pioneer metaverse platform, the Horizon Worlds, has struggled to appeal to users.

With the company having a monthly projection of 500,000 users by the end of 2022, the number is currently below 200,000, as revealed by the company. Moreover, the metaverse’s lack of user appeal also spreads to Meta’s employees, with many not fascinated with the idea of a virtual world for their work and leisure.

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Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

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