One of America’s largest banking institutions predicts that the Metaverse will be a $13 trillion industry by 2030.
Global financial institution Mastercard is preparing for the metaverse economy through 15 branded apps that would position it as the largest payment facilitator for a virtual world powered by crypto, fintech (financial technology) and all trading technologies metaverse electronics.
The news came to light last week when the USPTO licensed a trademark attorney and intellectual property specialist Mike Kondoudis tweeted details of several trademark applications, including the name Mastercard, the company’s logo “Circles” and the slogan “Priceless”. the Twitterer also included details such as media supported by NFT, payment processing in the metaverse, marketplaces for digital goods + NFTs, and e-commerce transactions in the metaverse.
Last April, Citibank predicted that the metaverse economy could be worth up to $13 billion by 2030. There are many key opportunities here for brands and industries. Many are in the early stages of establishing their digital twins in the metaverse. This includes Nike† Wendy’s† the hole† walmartand McDonald’s†
This move to the metaverse doesn’t just affect the food, retail and fashion industries. Nearly every type of business is looking at the metaverse and digital twinning as a new way to do business with their consumers, expand their B2B relationships, and recruit, onboard and train new and current employees.
Even higher education sees the potential of the metaverse. Several colleges recently announced they are opening their own metaversities, a unique digital twin of their campuses where students can take classes and buy virtual college sweatshirts remotely.
Earlier in 2022, Mastercard partnered with Coinbase to create an NFT marketplace that allows you to use your Coinbase wallet to pay for digital goods with a Mastercard debit or credit card.
Mastercard is not alone in this race. Global banking institution, HSBC, has just announced that it is effectively closing nearly 70 real branches in the UK to focus on establishing its digital twin in the metaverse. Recently the company opened a new metaverse investment portfoliowhile JP Morgan† paypaland Visa are also all in the race to create their own digital twins.
Thanks to Mastercard’s trademark registration, the company had 4 key application details for its footprint in Web3 that it believes will be fruitful for its metaverse efforts.
- “Downloadable music files authenticated by non-fungible tokens (NFT); Downloadable media files containing artwork, text, audio, and video verified by non-fungible tokens (NFTs);… Ecommerce software that allows users to conduct electronic commerce transactions in the Metaverse and other virtual worlds »
- “Marketplaces for digital goods and media powered by NFT”
- “Processing of virtual credit card, virtual debit card, virtual prepaid card and virtual cash card transactions in the metaverse… Payment processing services, namely credit card, prepaid card, gift card and payment card in the metaverse; Providing Financial Information in the Metaverse and Other Virtual Worlds »
- “Events and Achievements in the Metaverse in Finance, Cryptocurrency, and NFTs”
- “Online communities for digital assets, NFTs, metaverses and virtual worlds”
This is just the beginning of the direction the metaverse is taking. These patents show how companies, brands and industries can all benefit from a digital twin in virtual space. To date, the number of US NFT trademark applications is higher than the number filed last year. In 2020, the US Patent Office saw 23 applications filed, in 2021 a total of 1,965 had been filed. In 2022, 1,967 applications have been submitted so far and this number is growing rapidly.
There’s a lot of investing and moving in the metaverse right now, and Mastercard is preparing to process those payments with “invaluable” experience.
Image credit: Mastercard