The US and China Are Now Competing In The Metaverse Industry Too

The US and China Are Now Competing In The Metaverse Industry Too – The US and China Are Now Competing In The Metaverse Industry Too

The competition between the two countries with the largest economies in the world, the United States (US) versus China, continues in various fields. Recently, the two of them started competing to enter the metaverse business.

Metaverse is a virtual world that allows people to interact and perform activities like in the real world. Through the metaverse, users can attend virtual concerts, order food at restaurants, play games and buy houses online.

Secretly, Chinese companies are also launching a lot of metaverse businesses. China’s Metaverse Industry Committee has accepted 17 new companies, three of which are issuers.

The China Metaverse Industry Committee was established in October 2021, supported by a state-owned telecommunications company, China Mobile. Some analysts expect the country’s metaverse to be subject to greater control than other countries.

Based on a post on the China Mobile Communications Association Metaverse Consensus website as reported by Reuters, Wednesday (16/2), the committee revealed that it had recognized listed companies including Inly Media Co Ltd and two companies listed on the Shenzhen Stock Exchange, Beijing Topnew Info&Tech Co Ltd and Beijing Quanshi World. Online Network Information Co Ltd.

Experts say China’s metaverse efforts lag behind countries like the US and South Korea, arguing domestic tech giants’ interest in the metaverse is lower.

However, recently interest has started to soar. Last year, more than 1,000 companies including heavyweights such as Alibaba Group Holding (9988.HK), and Tencent Holdings Ltd (0700.HK) had filed for about 10,000 trademarks related to the metaverse.

In the US, a growing number of global corporations have adopted the metaverse platform since Facebook introduced the concept for the first time. For example, there are McDonald’s, Nike, Samsung, YouTube and others.

McDonald’s has registered a number of trademarks for its virtual restaurant service that allows for online and in-person food delivery. Not quite one, the fast food chain even registered 10 applications with the United States (US) Patent and Trademark Office on February 4 which includes McDonald’s and McCafe.

One of the trademarks proposed is in the form of virtual food and beverage products, including NFT. The rest, patent filings for the operation of an online virtual restaurant featuring home delivery of food.

Later trademarks for entertainment services and events under McDonald’s and McCafe, including actual and virtual concerts online. This trademark will protect the idea of ​​a McDonald’s restaurant in the metaverse that can sell both virtual and real-world food.

Not to be outdone, bakery chain in America, Panera Bread also filed a trademark for Paneraverse on February 3 last which includes NFT, virtual entertainment services, and virtual gifts programs.

Meanwhile, Nike has founded Metaverse Studio and has patented plans for virtual assets ranging from avatars to cryptokicks. Meanwhile Gucci, Microsoft and Crocs are looking for employees to work on their metaverse offerings.

Samsung already launched the Galaxy S22 phone through the metaverse last week. The launch can be watched on the virtual reality platform, Decentraland, which is still a part of the metaverse.

Samsung has a virtual building in Decentraland which is located at 837X. The building, which was launched last February 2020, is also a playground for crypto activists, as it can connect members’ crypto wallets and buy plots of land as NFTs.

The mentaverse effect also reaches the property sector. MetaMetric Solutions noted that property sales on the four four major metaverse platforms will reach US$ 501 million in 2021. It is estimated that property sales could reach nearly US$ 1 billion this year.

A report from BrandEssence Market Research predicts the metaverse property market will grow at an annual rate of 31% per year from 2022 to 2028.

So far, property sales are concentrated in four big companies such as Sandbox, Decentraland, Cryptovoxels, and Somnium. Sandbox dominates the market, with 62% of land available across four platforms and three-quarters of all land sales by 2022.

YouTube is also planning to develop blockchain and metaverse this year. Through the technology, the company hopes to suppress fraud in the digital art market as well as offer a viewing experience for game content. Over the past year, the world’s largest streaming service has strived to provide users with better guidance on upcoming features amid increasing competition from ByteDance Inc’s TikTok and Instagram Meta Platforms Inc.

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