South Korean electronics juggernaut, LG has joined forces with Oorbit, a cloud technology company, to bring an interoperable metaverse experience directly to LG smart TVs.
The concept of metaverse has taken the world with storm. Several multi-billion dollar companies such as Nike, Samsung, Boeing, United Parcel Service (UPS), HSBC and JP Morgan, among many others have already jumped onto the metaverse bandwagon. Recently, Fidelity Investments, one of the leading financial firms, has filed for three US trademark applications to provide crypto trading services in the metaverse.
It is estimated the vitual 3D world market size will surpass a whopping $1.3 trillion by 2030. In 2022, metaverse trademark filing applications skyrocketed. As per Michael Kondoudis, a trademark and patent attorney, Web3-related trademark applications have gone from less than 50 trademarks filed in 2020 to nearly 7,500 by the end of last year.
Metaverse on Television Sets
— Oorbit (@OorbitOnline) January 4, 2023
On January 5, Oorbit took to Twitter to announce its partnership with South Korean tech giant LG to introduce interoperable gaming experience and social virtual interactions enabling consumers to interact in the metaverse. The collaboration will also allow consumers to access “high-fidelity interconnected virtual worlds and experiences“, including virtual concerts and artificial intelligence (AI) generative multiplayer games directly on their LG smart television sets.
In a statement, Ash Koosha, CEO of Oorbit, explained the key objective of the partnership is to allow users access boundless streams of entertaining content through any electronic devices. Koosha added,
“LG has the vision and reach to help Oorbit make the metaverse more accessible to more people through their Smart TVs.”
Meanwhile, Pooya Koosha, CTO and Oorbit cofounder, expressed the partenrship with LG will boost millions of LG TV customers by making the metaverse accessible for all. Metaverse has become a necessary part of many workplaces but will become a more integral and regular part of daily life in the near future. The co-founder said,
“Our proprietary technology is the connective tissue that links virtual worlds together and makes it easy for developers and brands to bring their experiences into the metaverse.”
LG’s Tryst with Web3
Last year, LG fiiled non-fungible tokens (NFT) trademarks for its LG ART LAB indicating its plans to offer T.V. software for issuing and trading NFTs, software for NFT and crypto transactions and digital token brokerage. The electronics giant also aimed at providing e-wallet payment services and software for exchanging electronic money in the metaverse. Previously, the company had also launched many NFT related products.