Mastercard joins Visa and American Express in the Metaverse race, as it plans to increase the revenue streams in the digital economy. Mastercard joins Visa and American Express in the Metaverse race, as it plans to increase the revenue streams in the digital economy.
Mastercard has filed 15 non-fungible token (NFT) and metaverse trademark applications with the United States Patent and Trademark Office (USPTO), as it builds a digital community in the Metaverse.
Mike Kondoudis, licensed trademark attorney at USTPO in a Twitter message said Mastercard filed trademark applications for Mastercard, Priceless and its Circles logo. He mentioned 15 serial numbers of the trademark applications and explained the patent applications in detail.
Kondoudis said Mastercard’s move is a major step into the Metaverse. “MasterCard is a leading financial brand, and the value attached to the brand is significant. These filings are the next logical step to protect the MasterCard brand as it enters the Metaverse,” he said.
The company wants to establish itself in the Metaverse and NFT business before its hype becomes a mad rush. Mastercard joins the metaverse race with Visa and American Express and this is a big step following the launch of its Start Path for crypto. It will allow interactions with digital assets and metaverse-based payments in this digital world through card processing and an eMarketplace for buyers and sellers of digital goods that can be downloaded, as well as various other digital products.
The company stated that the initiative will give participants access to value-added services and creative solutions, as it’s a critical part of Mastercard’s digital asset strategy.
One trademark that has been filed by the company as “Priceless” will include multimedia files such as artwork, text, audio and video that will be authenticated by NFTs. Another application depicts the plans for its red and yellow logo for processing card transactions related to payment of goods and services in the Metaverse and other virtual worlds.
The patent of its name “Mastercard” will add the company to the cultural, concert, and sporting events, festivals and financial education conferences in the metaverse.
Mastercard’s initiatives to establish its presence in Metaverse
Mastercard initiated the process of stepping into the digital world in December 2021, when it launched a startup project known as the Start Path crypto scheme, aimed at helping companies get solutions to their problems using blockchain.
Kondoudis said Mastercard initiated this move, as it plans to get into the metaverse soon. In the past, the company showed profound interest in joining the metaverse.
When the company announced the Start Path crypto scheme, Mastercard mentioned that other crypto leaders in the industry would support this project. It has partnerships with Ava Labs, Kash, LVL, NiftyKey and Envel.
About 500 new employees were hired in February this year to consult with the banks and merchants about adopting cryptocurrency-enabled technologies and NFTs.
A month earlier, the company started accepting Mastercard payments for NFTs for Coinbase’s new NFT marketplace. These NFTs will serve as a gateway to the Metaverse, certifying the ownership of virtual assets such as digital art and collectables.
Other financial institutions join the Metaverse
Apart from Mastercard, various financial institutions have taken major steps to join the metaverse. Visa and American Express have also submitted their crypto-related applications to USPTO.
Visa purchased its first NFT last year, and it recently created a programme that helps develop small businesses using NFTs. The company is currently working on developing a native digital currency on its card networks.
On the other hand, American Express has seven applications related to its branding with virtual payment cards and it’s using its cards in the NFT marketplace.
All of these well-known payment giants have taken steps and adopted various initiatives to establish their presence in this new booming digital world.