Industries

Companies in a variety of industries are getting in, on the opportunity to benefit from the metaverse. This includes traditional manufacturing, life sciences, and consumer products. Since the metaverse is a software technology and eligible for patenting, businesses are investing a ton into research into this area.

Some of the technological innovations are being kept as trade secrets, due to commercial and social reasons. However, most metaverse innovations are getting patented, as you shall see in our section on metaverse patent examples.

And, all this is inspite of the challenges and slow growth that remain on increasing the realism of the interactive virtual world.

The Metaverse

The metaverse is a hypothetical iteration of the Internet, using augmented reality and virtual reality headsets to create a virtual world in which players can interact. It’s an entirely new type of gaming experience that’s expected to grow to $800 billion by 2024.

In its completed form, the metaverse (also referred to as web3 or spatial web) is formally identified as ARC3 which stands for “augmented realtime content 3D.” The invention is credited to Robert Scott McKinney and Dan Dale Struckman and is registered under U.S. patent number 10,437,563 [Application Number 15/861,253] for arc.sup.3 physics engine powered visual browser website design system and operating system.

It’s a digital ecosystem built on various kinds of 3D technology

The metaverse is an open and interactive digital world that is similar to the internet, but in three-dimensional space. It is created using augmented and virtual reality (AR and VR) technology and is an interoperable network of 3D virtual worlds rendered in real time.

There are a variety of services, applications, and technologies enabling the creation of the metaverse. This open and interactive space enables users to explore 3D spaces and interact with virtual friends and strangers.

Some of the most exciting aspects of the metaverse include the fact that users can participate in real-world activities inside the metaverse. For instance, a user can “live” in the metaverse, or engage in trade activities. In addition, people can meet and interact with others, and do jobs that they may not otherwise be able to do in the real world.

The metaverse is the next big thing in the tech world. In fact, McKinsey research says that not participating in the metaverse could cost companies competitive advantages.

In addition to the tech-related aforementioned, a metaverse is an immersive, interactive environment that can support decentralized governance and offer limitless possibilities. A number of companies are working on the metaverse, including Facebook, Epic Games, and Microsoft.

However, the future of the metaverse is still in its infancy, and there are many risks associated with participation in this futuristic, immersive space. These risks include security, privacy, and identity verification.

There are various technical tools, such as VR and AR headsets, augmented reality glasses, and software that make the metaverse possible. One of these technologies is the crypto-currency, which can be used to pay for utilities and purchases in the metaverse. Another is the non-fungible token, a digital asset based on the same technology as the cryptocurrency.

Other technologies, such as smart contracts, can also help create the right rules to govern the metaverse. They are self-executing, allowing people to exchange arbitrary data and share resources.

While the metaverse is still in its infancy, a lot of money is being invested to develop it. Companies are experimenting with ways to leverage the metaverse, so you should be able to find plenty of ways to use it in your business.

It’s a game that allows players to create worlds

The metaverse is a three-dimensional computer-simulated virtual reality environment that allows users to interact with each other. It may incorporate elements of augmented reality.

The concept is being enthusiastically embraced by the software development industry. There are a variety of services and technologies currently being developed to create the metaverse. Some aspects are already integrated into existing Internet-enabled video games. These include immersive digital content, chat apps, and the ability to make friends and earn currency.

Metaverse games are similar to massively multiplayer online games. They allow players to create and explore their own virtual worlds. These games often do not include game overs or resets. Users can communicate with other users in real time, and they can explore the world independently.

Metaverse games are typically played on a VR headset. The best games feature story-driven quests and a persistent virtual world. Players can also use digital art pieces across different games.

For example, players of the popular VR game Axie Infinity can explore new worlds, socialize with other players, and trade items. This game is growing rapidly with a dedicated community.

Other games include Chain of Alliance, a multiplayer online game that lets players script and share gameplay events. Users can also build, customize, and populate their own game worlds with objects and characters.

Epic Games, maker of the popular online shooter Fortnite, is a big proponent of the metaverse. In fact, it plans to stake a claim to the platform after a $1 billion funding round in 2021.

The Khronos Group is also working to make the metaverse a reality. This group has created an initiative called the Metaverse Standards Forum. Their vision is to build an inclusive and collaborative platform.

Companies have held virtual festivals, conferences, and other events in metaverse-like environments. One company, Nike, has even filed for digital trademarks to protect its products and logos in the metaverse.

Although a number of companies have launched products and services that offer a taste of the metaverse, it is still far from a fully-realized ecosystem. For example, the Omniverse platform from Nvidia Corp (NVDA) lets users simulate buildings, factories, and other structures.

It’s predicted to grow to $800 billion by 2024

The metaverse is a digitally-enabled virtual reality environment. It uses augmented and virtual reality to enable users to interact with 3D digital objects. A variety of companies have already started to invest in this space.

As the metaverse grows, new opportunities for leading brands will arise. Brands can create an immersive experience for consumers that will generate new revenue streams. This can be achieved through the use of branded activations and existing environments.

Companies are also collaborating with each other to offer innovative and interactive options for their target consumers. Gaming and retail are two sectors that are adopting advanced technologies. These companies are creating a virtual reality-based environment to engage their audiences.

Leading technology companies are investing millions of dollars in the metaverse. Tech giants such as Google and Nvidia are putting their money where their mouth is. However, a few major players have been hurt by cyber-attacks. There are a few challenges to the metaverse market as well.

As the metaverse continues to evolve, security and privacy concerns may be a barrier to its growth. In addition, some countries are implementing rules and regulations that can inhibit the growth of the metaverse.

One major challenge is the lack of awareness about the metaverse. Until people are familiar with it, they may hesitate to invest. Fortunately, a thoughtful approach to investing can help you capture the opportunity of the future.

To begin investing in the metaverse, you need to know what it is and how it works. Once you understand the basics, you can choose a portfolio stock. Some of the best companies to look at include Microsoft, Nvidia, and Match Group.

Although the market for NFTs is still small, the market is expected to grow to $80 billion by 2025. If the market is able to capitalize on the opportunity presented by the metaverse, it could become a booming industry.

Other factors contributing to the growth of the metaverse include a growing demand for online video games. According to the WePC Report, gaming audiences will reach 2.5 billion by 2021.

Additionally, companies across industries will have to work together to achieve interoperability. Ultimately, the metaverse will be a shared virtual reality environment that provides consumers with a wide range of experiences.

It’s shaping the future

Metaverse is a virtual reality or augmented reality environment that provides users with a shared persistent 3D digital world. This type of environment can be used for gaming, business training, and personal use.

The metaverse is a future-focused concept that will blend technologies such as augmented reality and virtual reality into one immersive environment. Some proponents of metaverse technology believe that the metaverse will have the potential to revolutionize the media and gaming industry.

Niantic CEO John Hanke says that the metaverse should serve to improve human experiences. He also believes that the metaverse should serve as a way to enhance education and training.

Metaverse technology is still in development, but companies are preparing for its implementation. Newzoo, a market research company, recently released its second metaverse report. These experts outlined key themes that should guide the metaverse’s growth over the next several years.

According to Nicky Danino, a principal lecturer in computer science at the University of Central Lancashire, the metaverse can offer many amazing possibilities. He and his team have been experimenting with metaverse tools for team building exercises, employee training, and company events.

Meta’s Oculus Quest is an example of the type of device that the metaverse can use. It allows users to interact with other people using a headset.

For example, a hospital emergency staff could be trained in a virtual space to avoid accidents. Another use for the metaverse would be to onboard military personnel and first responders to reduce risks.

Gaming companies like Epic Games and Roblox have already built their own virtual universes. Those companies may eventually grow to be as big as Facebook.

However, the most far-reaching vision of the metaverse is the development of brain-computer interfaces. These devices aim to replace screens and physical hardware. A few models include sensory inputs such as sound, smell, and touch.

As technology continues to evolve, it’s important for organizations to consider the best ways to utilize new trends. By taking early steps, organizations can ensure their employees are prepared for future opportunities. Also, organizations must embrace new technology to stay competitive.

Technological Innovation and Patenting in the Metaverse: The Present State of Metaverse Patents

Meta, formerly Facebook, and other metaverse players have been filing patents in an effort to realize their vision of the metaverse on the expectation that the metaverse will become mainstream within five to ten years.

To make the metaverse experience more immersive, companies are using cutting-edge technologies like blockchain, augmented reality (AR) and virtual reality (VR), 3D reconstruction, artificial intelligence (AI), and the Internet of things (IoT) to power the 3D world.

A recent patent application from Alibaba, the Chinese e-commerce giant that also runs a VR platform called Zhilio, highlights how patents and technological innovation can be used as a competitive advantage.

Although China is rushing ahead in innovating new technologies and patenting them, we are not much behind. That’s because, the US is one of the few territories that actually allow obtaining of patents for software. In fact, we have written about the same in much detail in our articles on whether software applications can be patented and whether software can be patented as a whole. In fact, we already have patents for metaverse applications.

Blockchain and Cryptocurrency Technology and its ties with Metaverse Technology and Patents

Blockchain technology offers a transparent and decentralized solution to digital proof of ownership and digital collectibility. It also allows for digital transfer of value, governance and accessibility. Users can transfer value as they work in 3D digital environments in the metaverse and socialize with them using cryptocurrencies.

As for recreation, you could use crypto to purchase virtual lands in the metaverse. For example, these virtual land can be owned and secured with the help of blockchain technology.

Further crypto could be used to encourage people to work in the metaverse in the future. We might see more metaverse-related jobs offered by companies as they move their offices online.

That said, it is clear that with the growth of blockchain and fintech patents, metaverse patents will also grow along with them.

Augmented Reality (AR), and Virtual reality (VR) and its ties with the Latest Patents on Metaverse

Augmented reality (AR), and virtual reality (VR), can provide a rich and immersive 3D experience. These act as the entry points into the virtual world or metaverse. We have seen that most AR and VR patents have some elements of metaverse tied to them.

AR uses digital visual elements and characters that transform the real world. AR is more accessible than VR, and it can be used on any smartphone or other digital device that has a camera. AR apps allow users to view their environment with interactive digital visuals. This is similar to the Pokemon GO mobile game.

It creates a completely computer-generated virtual world, much like the metaverse concept. It can be explored by users using VR headsets and gloves as well as sensors.

AR and VR are early examples of the metaverse technology and its full potential is yet to be realized even though metaverse patents continue to grow. VR has already created a virtual world with fictional visual content. VR technology is maturing and VR will be able to expand its metaverse experience to include physical simulations using VR equipment.

It will allow users to interact with other people around the globe. We can expect more metaverse companies investing in AR and VR equipment development due to the hype surrounding the metaverse.

Artificial intelligence (AI) and its effect on Metaverse Patents and Technology

In recent years, with a spurt in AI technology and patents, artificial intelligence (AI), has been used extensively in our daily lives: decision making, business strategy, facial recognition, faster computation, and many other areas. AI specialists have been exploring the potential of AI being applied to the creation immersive metaverses.

AI can process large amounts of data quickly. Combining machine learning techniques with AI algorithms, AI algorithms can draw on previous iterations and take into account historical data to create unique outputs.

In the metaverse, AI is possible to apply to non-player characters (NPCs), in different situations. NPCs are an integral part of every game. They react to and respond to the actions of players. NPCs are able to be placed in 3D spaces using AI’s processing capabilities. They can facilitate real-life conversations with users, or perform specific tasks. An AI NPC, unlike a human user can operate on its own and be used simultaneously by millions of users. It can work in multiple languages.

AI can also be used to create metaverse avatars. An AI engine can analyze 2D or 3D scans and create avatars that are more accurate and realistic. AI can be used to make different facial expressions, hairstyles and clothes to enhance digital humans. Due to all these reasons, if you have any innovation tied to metaverse, or AI, you should immediately go for a patent in order to prevent losing out on your technological advantage to your competitors.

3D reconstruction And Metaverse Patents

Although this technology is not new, 3D reconstruction was used more frequently during the pandemic. This was especially true for the real estate sector, where lockdowns made it impossible for potential property buyers to visit properties in person, or doctors to visit patients. Some agencies used 3D reconstruction technology for virtual property tours.

As in the metaverse, buyers can look at potential new homes online and make purchase decisions without ever having to step foot inside.

The metaverse faces the challenge of creating a digital world that is as real as our real world. It can make spaces that look natural and realistic with 3D reconstruction. We can make virtual worlds online with special 3D cameras that render photorealistic 3D models of buildings and physical locations.

After capturing 4K HD photos and 3D spatial data, the images are passed to computers for processing and generating a virtual replica of the metaverse. Digital twins can also be created which are virtual replicas of real world objects.

Internet of things (IoT) and How it ties to the Metaverse Patents

In 1999, the Internet of things was introduced for the first time. IoT simply means that everything in the physical world is connected to the Internet via sensors and devices. These devices will be able to automatically send and receive information by connecting to the Internet. IoT connects devices such as thermostats, voice-activated speakers and medical devices to a vast array of data.

One application of IoT to the metaverse is to collect data from the physical universe and give it back. This would improve the accuracy of digital representations. IoT data feeds can change how certain metaverse objects work based on current weather conditions.

The IoT allows seamless connectivity between the 3D world and a wide range of real-life devices. This allows for the creation of metaverse simulations in real time. IoT could use AI and AR and VR to help medical personnel conduct surgeries and medical operations from thousands of miles away, aid in the use and technology transfer of the latest medical devices and more.

The Metaverse’s Challenges and How it Affects the Upcoming Metaverse Patent Examples

The metaverse is still very much in its infancy. Privacy control and identity authentication are two of the challenges. It’s not always difficult to identify someone in the real world. It will be more difficult to identify or prove the identity of another person as they traverse the digital universe in avatars. Malicious actors, bots, and even bots can enter the metaverse pretending they are someone else. This could be used to harm their reputations or to scam others.

Privacy is another challenge. To provide an immersive experience, the metaverse uses AR and VR devices. The potential for personal data leakage could be a result of these technologies that have camera capabilities and unique identifiers.

As such, it is crucial you talk to an IP lawyer if you wish to obtain patent protection for your metaverse patent. Our IP professionals are able to offer counsel and assist clients in a wide range of metaverse sectors. They draw on years of experience, thought leadership, advanced legal training, and decades of practical business and engineering knowledge to develop the necessary skills to help clients achieve business goals in a variety of metaverse software and legal sectors.

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