LG Electronics has applied for a trademark related to the virtual companion animal business in the United States.
The company filed for the registration of “PETAVERSE” as a trademark with the U.S. Patent and Trademark Office (USPTO). PETAVERSE is a compound word of pets and the metaverse. The idea is to raise virtual companion animals in a virtual space that looks like a real world.
LG Electronics explained in its trademark application documents that PETAVERSE is platform software that provides user experiences related to companion animals in virtual reality. Users can communicate with one another in virtual communities, enjoying games and videos related to companion animals or sharing how to raise companion animals.
Industry insiders believe that LG Electronics wanted to preempt the trademark in the process of exploring new business opportunities. They say that there is a possibility of LG Electronics entering the virtual companion animal market in the mid- to long-term.
According to the Korean Intellectual Property Office, in the Korean metaverse patent application rankings in the period of 2012 to 2021, Samsung Electronics came in first with 262 applications and LG Electronics third with 66. The two Korean tech giants leading the world in premium home appliances and TVs are paying much attention to the metaverse market as a new growth driver based on their competitive information and communication (IT) technology, analysts say.