Mastercard Files 15 NFT, Metaverse Trademarks

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Global payments solution giants, Mastercard have filed 15 nonfungible token (NFT) and metaverse trademark applications with the United States Patent and Trademark Office.

According to recent reports, MasterCard is planning a digital community to allow interactions with digital assets, metaverse-based payment card processing, an eMarketplace for buyers and sellers of downloadable digital goods, virtual reality events, and more.

The applications are filed on a 1b basis, meaning there’s an intent to use them in the future, though when the company plans to use them and how is unclear. Unlike 1a applications, which are for “actual use,” 1b filings don’t require evidence to the government that the trademark is already being used. Instead, a company must show “bonafide intent” to use the trademark at a future date.

Mastercard and others are no strangers to the crypto industry. Visa, for example, has been moving into the ecosystem for some time, adding crypto staff to the team and purchasing a CryptoPunk last summer.

One trademark filing for the company’s “Priceless” slogan includes artwork, text, audio, and video that are authenticated by NFTs, while another shows Mastercard’s red and yellow logo for processing card transactions for goods and services in the metaverse and other virtual worlds.

Furthermore, the report stated that another patent would add the Mastercard name to concerts, sporting events, festivals, award ceremonies, travel experiences, fine dining events, charitable events, financial education conferences in the metaverse, and other virtual worlds.

Mastercard has announced that it has hired 500 new employees in February to consult with banks and merchants about adopting cryptocurrency-enabled technologies and NFTs. Visa and American Express have also submitted crypto-related patent filings.

Meanwhile, this trademark isn’t Mastercard’s first move into the blockchain and crypto space. Earlier this year, Mastercard inked a deal with Coinbase to support its NFT marketplace.

Last year, the company launched the Start Path Crypto program to support startups that use blockchain technology to solve “real-world problems.” But the move highlights a larger trend among companies. While there were around 13 metaverse trademark applications in February 2021 that number jumped to 257 by February 2022.

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