February 7, 2023

China 2nd Globally in Terms of Metaverse Patents

Metaverse in China

Metaverse in China

A report by South Korea’s Korean Intellectual Property Office revealed that China is number 2 globally in terms of metaverse-related patents, following the United States, China Daily Hong Kong reported.

As many as 14,291 metaverse-related patents were filed in China from 2011 to 2022, accounting for 30% of the global metaverse-related patents, compared to the US, which recorded 17,293 applications, accounting for 36% of the global patents. While South Korea came in third place with 7,808 applications (16% of the total).

From 2016 to 2020, about 43,700 metaverse-related patents emerged from the US, Europe, China, Japan, and South Korea, which increased about threefold over those filed in the previous five years.

Another report by market consultancy Preqin uncovered that China saw VR and AR deals more than the US from 2021 to November 2022.

In this regard, He Chao, the secretary-general of the metaverse industry committee at the China Mobile Communications Association, an industry organization based in Beijing said: “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.”

Moreover, in November, the Chinese Ministry of Industry and Information Technology announced it plans to increase the market size of the VR industry in the country beyond 350 billion yuan ($50.4 billion) by 2026.

According to Sun Jiashan, a researcher at the Chinese National Academy of Arts, China needs to remain on high alert against financial speculators trying to cash in on the metaverse craze, not least because such actions could disrupt the efficient allocation of resources, hinder the cultivation of talent and harm industries.

Tags :
Author profile

Whether you want to learn about NFT, Blockchain, Web3.0, Metaverse, or any other emerging technologies, we have the vital resources that will enlighten and help you make an informed decision.