According to the Korean Intellectual Property Office, the United States, China, and South Korea rank among the top three in the world in terms of the number of Metaverse-related patent applications. The number of patent applications related to China Metaverse reached 14,291, accounting for nearly 30% of the global total. The United States ranked first with 17,293 patent applications, and South Korea ranked third with 7,808 patent applications. From 2016 to 2020, the United States, China, South Korea, Japan, and Europe filed a total of about 43,700 patent applications related to metaverse and immersive content, an increase of nearly three times compared to the previous five years.
China is now No 2 in metaverse-related global patent applications with a nearly 30 percent share gathered through its 14,291 applications, a report by South Korea's Korean Intellectual Property Office stated.
According to a report by the Korean Intellectual Property Office, China currently ranks second in the world in the number of patent applications related to Metaverse, with 14,291 patent applications, accounting for nearly 30% of the world's total.
China trails the United States which has filed 17,293 applications, accounting for nearly 36 percent of the total covering the period from 2011 to 2020. South Korea ranks third with 7,808 applications, or 16 percent of the total.
The number of patent applications related to Metaverse in the United States ranks first, with 17,293 applications filed, accounting for nearly 36% of the total number of applications from 2011 to 2020. South Korea ranked third with 7,808 patent applications, accounting for 16%.
Some 43,700 patent applications related to the metaverse and immersive content were made from 2016 to 2020 in the US, South Korea, Japan, Europe and China, which grew nearly threefold over those filed in the previous five years, the office said.
From 2016 to 2020, the United States, South Korea, Japan, Europe and China filed about 43,700 patent applications related to metaverse and immersive content, a nearly three-fold increase from the previous five years, according to the Korean Intellectual Property Office.
The metaverse is a trending concept that loosely refers to an immersive virtual world that combines technologies like virtual reality and augmented reality. Though still nascent, companies globally have been gearing up efforts in developing and investing in metaverse-related technologies.
Metaverse is a popular concept that generally refers to an immersive virtual world formed by integrating technologies such as virtual reality and augmented reality. Although the Metaverse is still in its infancy, global corporations have been vigorously developing and investing in Metaverse-related technologies.
Another report by market consultancy Preqin said that instead of a global, shared metaverse, the Asia-Pacific region is more likely to see several local online worlds developed by various entities in China and South Korea. It noted that from 2021 to November 2022, more Venture capital deals in AR and VR fields were concluded in China than in the US.
Multiple local online worlds developed by different entities in China and South Korea are more likely to emerge in the Asia-Pacific region than a global, shared metaverse, according to a report by market consultancy Regent. The report pointed out that from 2021 to November 2022, China will have more venture capital deals in the field of augmented reality and virtual reality than the United States.
"The next decade will be a golden era for the development of the metaverse in China, but the country values the role of the metaverse in upgrading the real economy," said He Chao, secretary-general of the metaverse industry committee at the China Mobile Communications Association, an industry organization based in Beijing.
He Chao, secretary-general of the Metaverse Industry Working Committee of the China Mobile Communications Federation, said: "The next ten years will be a golden period for the development of China's Metaverse, but China focuses on the metaverse's empowerment of the real economy."
In November, the Ministry of Industry and Information Technology released a plan to grow the market size of China's VR industry beyond 350 billion yuan ($50.4 billion) by 2026.
In November last year, the Ministry of Industry and Information Technology released a plan that by 2026 the scale of my country's virtual reality industry will exceed 350 billion yuan.
Though it did not explicitly mention the metaverse, the plan called for more efforts to create fundamental technologies that support immersive AR, VR and mixed reality experiences, all of which are aspects of the metaverse.
Although the plan does not explicitly mention the Metaverse concept, the Ministry of Industry and Information Technology has called for more basic technical support for immersive augmented reality, virtual reality and mixed reality experiences.
Sun Jiashan, a researcher at the Chinese National Academy of Arts, said the metaverse as a concept is still nebulous and a lot of clarity needs to emerge before its utility value could be established beyond the current hype, which some fear could spawnles equity bubbly.
Sun Jiashan, a researcher at the Chinese National Academy of Arts, said the metaverse is still a vague concept, and much remains to be clarified before its practical value surpasses the current publicity stunts, which some fear may fuel a stock market bubble.
