A prominent financial services institution has jumped on the cryptocurrency trademark bandwagon, filing fresh trademark rights for virtual worlds, nonfungible tokens, and more.
Mastercard has filed 15 trademark applications for its brand name, the tagline “Priceless,” and its circles logo, all of which allude to metaverse and NFT objectives. This is a significant step for the payments processing giant following the launch of Start Path for cryptocurrency.
The company announced in a statement that:
“The initiative will provide participants with access to value-added services and creative solutions, since the new cohort is a critical component of MasterCard’s digital asset strategy.”
Mastercard Joins Metaverse Race
The US Patent and Trademark Office details plans for a virtual community for interacting with digital assets, payment card processing in the Metaverse, an online marketplace for buyers and sellers of downloadable digital products, and virtual reality events.
Another application demonstrates plans to utilize the company’s red and yellow “Circles” branding to process card transactions for the payment of products and services in the Metaverse and other virtual worlds.
The metaverse is a virtual domain that enables individuals from all over the globe to communicate with one another using virtual and augmented reality, simulating how people connect in the real world.
Crypto-Enabled Tech & NFTs
Mastercard’s renowned motto, coined in 1966, is: “There are some things that money can’t buy; for everything else, there is Mastercard.”
In February, Mastercard employed 500 new personnel to advise banks and merchants on the use of cryptocurrency-enabled technologies and NFTs.
Crypto total market cap at $1.81 trillion on the daily chart | Source: TradingView.com
NFTs can serve as a gateway to the metaverse, certifying ownership of virtual assets such as digital art and collectibles.
This is not, however, Mastercard’s first move into the NTF industry. In January, the company began accepting Mastercard payments for NFTs on Coinbase’s new NFT marketplace.
Others Join The Patent Bandwagon
American Express and Visa have also filed patent applications relating to cryptocurrency.
American Express submitted seven applications in relation to its branding through virtual payment cards, concierge services in the metaverse, and the use of its cards in a non-fungible token sector.
Visa filed a patent application for a digital currency in 2020 and is currently working on implementing a native digital currency on its card networks.
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HSBC also purchased a piece of digital land in The Sandbox metaverse in March to engage with sports, e-sports, and gaming aficionados.
According to research, the metaverse business opportunity will exceed $800 billion by 2024.
Mastercard is expanding its presence in the virtual space in order to avoid disintermediation — particularly in metaverses built on decentralized blockchains, which by definition have little room for traditional payment networks.
Featured image from BTCHaber, chart from TradingView.com