Mastercard plans to launch in metaverse and non-fungible tokens (NFT)

Mastercard Files 15 Metaverse-Related Trademark Applications

Mastercard, the US payment giant with 2.8 billion cards in service, wants to enter the metaverse. As Michael Kondoudis, a specialist attorney, reports on his Twitter account, the firm has filed: 15 Trademark Applications Related to the Metaversecryptocurrencies and non-fungible tokens (NFTs) at the US Patent and Trademark Office.

Dated April 7, 2022, the repositories contain several entries of the “metaverse”. The documents mention in particular “a virtual credit card, a virtual debit card, a virtual prepaid card and virtual debit card transactions in the metaverse”

Specifically, Mastercard wants to allow internet users to pay for purchases in the metaverse with digital payment cards. To manage these transactions, the American company involves the creation of “e-commerce software” dedicated to digital universes.

The company also wants organizing financial events and cryptocurrencies within these digital worlds that are accessible in virtual or augmented reality. In addition, the group plans to create online communities.

Deposits also list non-fungible tokens (NFTs) multiple times. For example, Mastercard describes blockchain-certified downloadable music files, NFT Web Stores or communities dedicated to digital assets.

This is not the first time Mastercard have been interest in the cryptocurrency and NFT sector† Earlier this year, the company announced the expansion of its advisory service to cryptocurrencies and non-replaceable tokens. A few months before, Mastercard tied a collaboration with Bakt to expand its crypto asset services to its network of partners.

👉 Discover our top 4 promising metaverses for 2022

Trademark registrations related to the metaverse are multiplying

It is not surprising that the deposits show that Mastercard wants use distinctive elements of the brand, such as the name and logo, in the metaverse. Essentially, this initiative aims to protect the Mastercard brand from the ideas of the competition.

Asked by our colleagues at ExpertClick, Michael Kondoudis assures us that these deposits demonstrate that Mastercard is openly committed to make a place for yourself in the metaverse and expect “being a major player in this virtual economy”

“Mastercard is a leading financial brand and the value placed on the brand is significant. These repositories are the next logical step to protect the Mastercard brand as it enters the metaverse. It is clear that Mastercard sees the potential of the metaverse and is preparing its trademarks and brand for the virtual economy it will dominate.”

The specialized lawyer expects that deposits of this kind multiply in the next 12 months as companies realize the need to protect their brands in the metaverse. In February 2022, the United States Patent and Trademark Office received 257 filings related to the metaverse, compared to 13 in February 2021.

Following Mastercard’s lead, American Express has already filed several trademark applications to prepare for its entry into the metaverse. The world’s second largest payment processor wants banking services andopen ATMs in the digital world of tomorrow.

👉 Also Read: The banking giant HSBC joins the metaverse The Sandbox

sources: TwitterExpertClick


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