LG has joined the growing list of companies that are interested in the Metaverse. The electronics giant is leveraging the power of non-fungible tokens (NFTs) and Metaverse to create a better relationship with its consumers.
Recently, the company filled NFT trademarks for LG ART LAB and shared the application in a tweet by Michael Kondoudis, a licensed trademark attorney, on July 19.
As shown by the application filed on July 14, the electronics super house plans to create and offer F.V software through which it intends to trade and issue NFTs. Other software programs planned by the company will take care of crypto and NFT transactions, wealth management, and digital token brokerage.
Other areas of interest include e-wallet payment services, software for virtual currency, electronic payment processing, and software for exchanging electronic money.
Prior to filing the application, LG had previously released a wide range of products for the NFT community. Earlier in May, it announced its partnership with Refik Anadol, a media artist, to display some of its NFT artworks on its transparent OLED TVs, nothing that NFT collections use a combination of audio, video, and health data.
LG isn’t the only electronics company with an interest in the Metaverse. Its compatriot and competitor, Samsung, has also released a wide collection of products for NFT investors and users.
The other South Korean Electronics giant recently created an NFT platform for its TV brand. It also allows consumers to shop for and purchase NFTs via their devices.
eBay has also joined the team of metaverse investors. The online shopping platform intends to over virtual goods marketplaces, NFT trading, online retail stores for virtual and physical goods, and NFT exchange.
According to reports by Finbold, Mastercard International Inc, a global payment facilitator has shown keen interest in Metaverse as well. It recently announced its desire to offer an array of products in the virtual world.
It’s clear that leading global brands representing a wide range of sectors are showing their desire to invest in the Metaverse through their trademark applications. Over a period of five months between January 1 and May 31, 2022, Finbold reported that the US market saw a surge in the number of NFT-related trademarks as they surpassed 4,000 over that timeframe.
Regulatory bodies in the US have swung into action to regulate and protect intellectual property in the Metaverse. The US Copyright and Trademark Authorities Launch Impact of NFT on IP Rights to sanitize the industry.