Mastercard files 15 metaverse and NFT related trademarks

MasterCard join American Express and Visa with steps into the Metaverse as it plans to increase revenue streams and still remain competitive in the digital economy.

The Payment giant, MasterCard has already filed 15 non-fungible token (NFT ) and metaverse trademark application with the United States Patent and Trademark Office.

The spotlight of the filings involved plans for a digital community for interacting with virtual assets, an online marketing for traders of downloadable digital products, the processing of payment cards in the Metaverse, virtual reality events and more.

A trademark filing for the company's "Priceless" tagline consists of multimedia files like text, artwork, video and audio that are authenticated by NFTs. Another application reveals plans for its red and yellow "Circles" logo for processing card transactions used for the payment of goods and services in the Metaverse and other virtual ecosystems.

An auxiliary patent intends to add the MasterCard name to concerts, cultural events, sporting events, festivals and awards shows in the Metaverse, financial education seminars and programs.

According to Cointelegraph, MasterCard just added 500 new hires in February to deliberate with new merchants and banks about adopting NFTs and crypto-enabled technologies. But it's not the only prominent fintech firm that's applying for metaverse or NFT trademarks. American Express and Visa have already submitted their own crypto-related USPTO filings.

In 2020, Visa first filed a parent application to create a virtual currency and is presently developing a native virtual currency on its card networks. Regarding American Express, there are about seven applications related to its branding with digital payment cards, concierge services in the Metaverse and the usage of its cards at an NFT marketplace.

In addition, these Credit card companies have taken various initiatives to remain competitive within the digital economy. While Visa launched its own Creator Program, to mentor entrepreneurs about NFTs to grow their small businesses, MasterCard created a three-month program, named Start Path Crypto, to support crypto and blockchain startups scale their businesses.

MasterCard is a part of the PCI Security standard Council (PCI SSC), comprised of the prominent global credit card firms including Discover, American Express, JCB and Visa that operates to enhance payment data security worldwide. Recently, a regulated DeFi banking app, Scallop, joined the PCI SSC, with the purpose of contributing DeFi-industry insights and suggesting initiatives to the council.