An experienced writer and Fintech enthusiast, passionate about helping people take charge of, scale and secure their finances. Has ample experience creating content across a host of niche. When not writing, he spends his time reading, researching or teaching.
The recent filing puts Mastercard at par with Visa and American Express which have also filed for their NFTor metaverse trademarks.
Payments giant Mastercard has filed 15 trademark applications with the United States Patent and Trademark Office (USPTO). The patent application dated April 7 shows Mastercard is ready to wade deep into the metaverse.
According to the reports, Mastercard is looking to build a virtual community around digital assets. It’s also looking to build an NFT marketplace, organize virtual reality events, and facilitate payments transaction processing in the metaverse.
One of the patents uses the company’s slogan ‘Priceless’ and includes NFT-authenticated media in form of texts, audio, videos, and artworks. Likewise, there was another patent application that sought to add the Mastercard name to virtual events according to the report.
What’s interesting is that the trademark applications were made on a 1b basis which shows intent to use the trademarks at a future date. This is very much unlike 1a applications that are for immediate use. Consequently, the exact plans of Mastercard to use the trademarks remain unknown.
Metaverse Trademarks Just the Beginning
Mastercard has had many touchpoints with blockchain and crypto technology in recent times. As recently as February, the company hired 500 new employees to consult with banks and merchants about NFTs and crypto-tech. Likewise, it launched the Start Path Crypto program, a three-month program to help scale blockchain and crypto technology startups. It also signed a deal with Coinbase to revolutionize the experience of customers in relation to its upcoming NFT marketplace.
The recent filing puts Mastercard at par with Visa and American Express which have also filed for their NFT or metaverse trademarks. Visa first filed a patent for a virtual currency in 2020. The firm is also working on a digital currency for use on its card network.
Likewise, American Express filed for similar metaverse trademarks last month. The company submitted seven applications for its virtual payments and concierge service trademarks within the metaverse. The growing trend is not limited to these three companies. From 13 metaverse trademark applications in February 2021, there were 257 applications by February 2022.
As the web3 fever continues to catch on, it is obvious the scramble by each company is for a bigger part in the metaverse that is to come.