Mastercard has filed 15 NFT (nonfungible token) and metaverse trademark applications with the United States Patent and Trademark Office (USPTO).
The trademark filings include plans to create a virtual community that can interact with digital assets and process payment cards in Metaverse. The fillings include a marketplace online for sellers and buyers of digital goods, virtual reality events, and other services.
The trademark application filed with USPTO is described as:
“Providing entertainment and educational information in the fields of cultural events, concerts, sporting events, festivals, and awards shows in the metaverse and other digital worlds.
One trademark filing for the company’s “Priceless” slogan encompasses multimedia files that include artwork, text, audio, and video that can be authenticated by NFTs. Another application illustrates plans for their red and yellow “Circles” logo to process transactions used for the payment of goods and services in the Metaverse and other virtual worlds!
Another patent will add Mastercard to cultural events and concerts, sporting events and festivals, awards shows and financial education seminars, and programs.
According to Bloomberg, Mastercard added 500 new hires in February to consult with banks and merchants about adopting crypto-enabled technologies and NFTs.
Rama Sridhar, Mastercard’s executive vice president for digital and emerging partnerships for the Asia Pacific, discussed cryptocurrencies in a public statement:
“Cryptocurrencies are many things to people—an investment, a disruptive technology, or a unique financial tool. As interest and attention surges from all quarters, their real-world applications are now emerging beyond the speculative.”
Mastercard isn’t the only credit card giant to submit crypto-related USPTO filings, Visa and American Express have submitted filings as well. In 2020, Visa first filed a patent application to create a digital currency and is currently developing a native digital currency on its card networks. As for American Express, there are seven applications related to virtual payment cards, concierge services in the metaverse and using its cards at an NFT marketplace.
Credit card companies have taken several initiatives to remain competitive within the Web3 economy. Mastercard created Start Path Crypto, a three-month program to help blockchain and crypto startups scale their businesses. Visa launched its own program for creators to mentor entrepreneurs about NFTs to grow their small businesses.
Never miss important NFT drops: Take a peek at our NFT Calendar!
- Get daily NFT news, announcements, and events via our Daily Newsletter.
- Daily news sent on Telegram
- Snapshot of biggest news daily on Twitter & Instagram
Get the latest on trending NFTs, view upcoming NFT drops, NFT news, announcements, and events at NFTEchoNews.com