MasterCard filed 15 crypto and metaverse-related trademark applications, suggesting it may be planning to create NFTs and virtual payment systems for the Metaverse.
Payments processor MasterCard has filed 15 crypto-related trademark applications with the US Patent and Trademark Office (USPTO). According to data from USTPO, the payments giant Mastercard filed 15 cryptocurrency, Metaverse, and NFT related trademark applications on April 4th.
The trademarks for virtual cards and payments in the Metaverse and a community interacting with digital assets are among MasterCard’s applications. There’s also a tool for creating NFTs and a marketplace for crypto assets, including downloadable digital items, virtual reality events, and more. Some of the USPTO (the United States Patent and Trademark Office) applications can be viewed here and here. One document describes the application as pertaining to:
“Processing of virtual credit card, virtual debit card, virtual prepaid card, and virtual payment card transactions in the metaverse and other virtual worlds.”
MasterCard to deliver unique NFT experiences to customers and cardholders
Another application includes plans for downloadable music files, which would be backed up by NFTs and other multimedia assets like artwork, text, audio, and video – all of which would be authenticated by NFTs. American patent lawyer Mike Kondoudis recently stated the applications on Twitter.
A MasterCard spokesperson expounded:
“We are continually looking for opportunities to deliver new and unique experiences to our customers and cardholders. This filing is simply part of that effort, ensuring that the trademark protection for our brand carries through to any potential use in the Metaverse uninterrupted.”
The report shows that another patent would add the Mastercard name to concerts, sporting events, festivals, award ceremonies, and financial education conferences in the Metaverse. The global payments corporation also applied to create virtual cards, such as debit, credit, and prepaid cards, that would allow them to accept payment for products and services in the Metaverse.
Large companies are investing in NFTs
Mastercard recently hired 500 new employees to consult with banks and merchants about adopting cryptocurrency-enabled technologies and NFTs. Visa and American Express have also submitted crypto-related patent filings.
It seems like every week, more of the largest companies in the world are investing in NFTs in some way. From Starbucks releasing an NFT collection and Lego launching a metaverse with Epic Games, rival payment processor Visa filed a patent application in 2020 to create a digital currency and is developing a native digital currency on its card networks.
American Express submitted seven applications related to its branding with virtual payment cards, concierge services in the Metaverse, and using its cards at an NFT marketplace.