February 25, 2024

The emergence of the metaverse has seen businesses, big and small, looking to or having already ventured into the ecosystem expand their business scope beyond.

A United States-based energy company and one of the leading energy companies globally, Chevron, is planning to enter the metaverse per the numerous filings it submits to the Patent & Trademark Office of the U.S.

The California-based energy consortium company is among the latest major companies exploring the metaverse following its recent trademark applications. The energy company is in line to join a host of other big-name companies that have already filed for their trademark registration in anticipation of entering the metaverse.

The energy corporations intend to offer their services in the metaverse by dealing with select virtual products like gas, renewable energy, and petroleum products. All these are to become a part of virtual reality for Chevron users.

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Another area of interest for the energy firm is retail service. Chevron is also looking for retail and virtual services that will feature the above and others.

According to another patent filing, Chevron is exploring the possibility of providing entertainment services in the metaverse. An all-around metaverse business venture.

Chevron’s Evolution

Chevron is one of the many outcomes of the now dormant Standard Oil. The United States Supreme Court acted on the charges filed against John D. Rockefeller by the U.S. government. It broke up the monopoly, which led to the formation of several successors.

Last year, Chevron partnered with Vakt, a blockchain-related trading platform for an oil trading venture, and the duo of Reliance and Total.

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Joining The Metaverse

Other business behemoths not in the energy sector, like McDonald’s, retail giant, Walmart, and top lingerie maker Victoria’s Secret, are also lining up to enter into the metaverse after recently filing their trademark applications.

Although the concept of the metaverse was conceived years ago, it took only the announcement by Facebook to change its name to Meta before it started getting the public’s attention. Facebook’s decision to change its name to Meta indicates its focus on the virtual space.

Interestingly, recent research data revealed the size of the metaverse market, which is estimated to reach up to $679 billion by 2030.

However, some argue that the figure reflects an overly optimistic analyst considering the data from Google Trend, which shows declining interest in the latest tech trend in the tech ecosystem. Other notable crypto-related research metrics remain stable in contrast to the metaverse. Cryptocurrency is a digital coin that already has its place in the mainstream finance sector.

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Hence, the analysts who believe that the metaverse will grow to overtake the next internet revolution might end up disappointed despite the increasing rave about the new tech trend.

Arguments on the viability of the metaverse divide opinion about how it would become part of the world of work, arts, and entertainment; many people are divided on its impact on the scheme of things. But time will reveal who wins the argument.

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