Casio targets the metaverse, signaling its entry into the world of NFTs and virtual goods. The global firm has taken a step forward by filing a trademark application that covers a wide range of metaverse-related products and services.
The application filed by Casio seeks to explore various facets of the metaverse, spanning virtual fashion, watches, NFT-backed media, AI-powered robots, and stores dedicated to virtual goods.
The metaverse is a virtual shared space that combines augmented reality (AR), virtual reality (VR), and digital technologies to create an interconnected and immersive digital environment.
In the metaverse, users can interact with each other and digital objects, often using avatars, across various digital platforms, applications, and virtual worlds.
Details of the application also reveal that Casio wants to provide downloadable virtual goods in the form of clocks and watches, allowing users to personalize their virtual environments with timepieces that reflect their style, and personal digital assistants that can enhance the interactive experience within the metaverse.
Others are downloadable virtual goods, such as clothing, hairstyles, fashion accessories, and animation packages for avatars.
This would ensure that users have the tools to create unique and personalized digital identities.
Furthermore, Casio indicates interest in computer programs designed for non-fungible tokens (NFTs), expanding into blockchain-based collectibles.
Apart from creating virtual goods, it also wants to venture into retail and wholesale services related to downloadable virtual goods.
In the last two years, several companies have shown huge interest in driving the development of the metaverse especially after Facebook changed its name from Facebook to Meta, signaling its commitment to the virtual world experience.
While Casio is going for an application of this kind now, other legacy firms that have done the same include Hermes Venture in September 2022; Nissan in November 2022, and March 2023; HSBC in December 2022; and FIFA in June 2023.
This interest reveals the potential that the metaverse has in the digital economy. Last year, JP Morgan projected that the metaverse economy will soon become a trillion-dollar space globally.