Hyundai’s Remarkable Metaverse Initiative: Breaking Ground

MetaversePlanet July 15, 2022

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New insights into South Korean automaker Hyundai’s latest patent application underscore the company’s substantial venture into the expanding Metaverse sector.

A recent tweet by trademark attorney Mike Kondoudis highlights Hyundai’s profound engagement with the Metaverse world.

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Metaverse Release from Hyundai

Hyundai's Remarkable Metaverse Initiative: Breaking Ground

In its most recent trademark filing, South Korean automaker Hyundai has outlined ambitious plans to delve into the world of non-fungible tokens (NFTs), accompanied by a diverse array of media content linked to these unique digital assets.

Hyundai’s strategic vision extends beyond NFTs to encompass the introduction of virtual fashion products, spanning clothing, shoes, sports equipment, headgear, eyewear, sporting goods, artwork, paintings, and toys tailored for virtual reality and simulations. Notably, Hyundai’s patent application includes virtual avatars and car images, featuring downloadable image files containing virtual cars designed for immersive virtual reality experiences.

This venture into the NFT realm represents Hyundai’s continued exploration of this industry, building upon its earlier participation in April when the company, following in the footsteps of global automakers like Mercedes-Benz, released its own NFTs.

Distinguishing itself, Hyundai opted for a community-driven collection approach. The recent NFT initiative is complemented by a short film elucidating the concept of “metamobility,” showcasing Hyundai’s commitment to innovative and forward-thinking developments in the digital space.

Number of Patent Applications Increases Rapidly

The number of patent applications related to the metaverse has surged by almost 380% since October 2021.

However, the nascent industry appears to be grappling with an identity crisis. Ethereum co-founder Vitalik Buterin asserted last month that the widely-used term lacks a specific technology definition, highlighting the absence of a consistent understanding of the metaverse. Instead, Buterin emphasized that the concept is ostensibly addressed by amalgamating virtual reality (VR), big data, and augmented reality (AR).

In contrast, Marc Petit, the general manager of Unreal Engine and vice president of Epic Games, a pivotal brand in the gaming ecosystem, made a noteworthy statement at the end of May. Petit suggested that there is already a waning interest in the metaverse.