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NFT: Mastercard files trademarks for 15 non-fungible tokens, metaverse
Mastercard made its move to jump into NFTs and the metaverse by filing for 15 trademarks related to them. The company is reportedly seeking to boost profit streams and be competitive in the virtual-based business space at the same time.
As per CoinTelegraph, Mastercard submitted an application for its NFT and metaverse trademarks at the United States Patent and Trademark Office (USPTO) this month. The filings include the company’s plans to form a virtual community for interactions with virtual assets, an online marketplace for sellers and buyers of digital merchandise, processing of card payments in the metaverse, virtual reality events, and general interests.
It was added that one of Mastercard’s trademark filings is for its “Priceless” slogan and includes multimedia files such as video, audio, text, and artwork that are NFT-verified. Another one is for its red and yellow logo or “Circles,” and this was filed for a patent to be used for payment of services and goods in the metaverse.
The rest of the trademarks are for adding the Mastercard brand name to concerts, festivals, cultural events, sporting events, and various awards shows that will take place in the virtual world. Also included in this patent application are financial education programs and seminars.
It was noted that its rivals, Visa and American Express, have previously filed for their respective NFT and blockchain-related trademarks at the USPTO as well. In 2020, Visa submitted a patent application to make its digital currency, and it is now developing a native virtual currency on its card systems.
As for American Express, it has filed for trademarks for its branding that are expected to be incorporated with virtual payment cards, services in the metaverse, and use on the NFT marketplace. FXEmpire reported that Mastercard’s filing to trademark its iconic logo is part of the company’s push to make its debit, credit, and payment cards visible and usable even in the virtual world.
The metaverse or the virtual worlds are mostly uncharted territories today, but it has monetary value because the hype for them exists and going strong. In fact, major brand names, including the Mastercard, have already jumped in; thus, it is predicted to continue for a long time. It is even possible that the metaverse will be a permanent thing in the future, and this is why companies are securing their place in the virtual space.