Mastercard joins Visa and American Express with moves into the Metaverse as it seeks to increase revenue streams and remain competitive in the virtual economy.
Mastercard files 15 metaverse and NFT related trademarks
Payments giant Mastercard has filed 15 nonfungible token (NFT) and metaverse trademark applications with the United States Patent and Trademark Office, or USPTO.
Highlights of the filings include plans for a virtual community for interacting with digital assets, the processing of payment cards in the Metaverse, an online marketplace for buyers and sellers of downloadable digital goods, virtual reality events and more.
One trademark filing for the company’s “Priceless” slogan consists of multimedia files such as artwork, text, audio and video that are authenticated by NFTs. Another application illustrates plans for its red and yellow “Circles” logo to process card transactions used for payment of goods and services in the Metaverse and other virtual worlds.
An additional patent intends to add the Mastercard name to cultural events, concerts, sporting events, festivals, and awards shows in the Metaverse, as well as to financial education seminars and programs.
Back 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. In the case of American Express, there are seven applications related to its branding with virtual payment cards, concierge services in the metaverse and using its cards at an NFT marketplace.
Additionally, these credit card companies have taken several initiatives to remain competitive within the virtual economy. While Mastercard created a three-month program, called Start Path Crypto, to help blockchain and crypto startups scale their businesses, Visa also launched its own Creator Program, to mentor entrepreneurs about NFTs to grow their small businesses.