Mastercard Announces Presence In The Digital Economy With Trademark NFT Filings

Mastercard has signaled its plans to become a major player in the digital economy by filing for 15 NFTs and metaverse-related trademarks. The payment services giant recently submitted the trademark applications for its ‘Priceless’ slogan and ‘Circles’ logo. The firm is also looking to work on eCommerce transactions, payment system-based services, as well as payment services in the metaverse.

Additionally, Mastercard will also cover a wide range of financial, virtual, and crypto products and services in the filing at the United States Patent and Trademark Office.

In 2020, the company launched an augmented reality app offering cardholders the opportunity to earn rewards in three virtual tour categories.

Afterward, it unveiled the Start Path Crytpo scheme that is designed to explore and solve problems for users and businesses using blockchain technology.

Mastercard To Explore The Metaverse Universe

Mastercard has joined companies like American Express and Visa to explore the Metaverse space. The companies are going head-to-head in competition as they seek to remain competitive and increase revenue streams.

The filings also include plans for an online marketplace for buyers and sellers, the processing of payment cards in the Metaverse, and a virtual community for interactions with digital assets. Mastercard also plans to host virtual reality events and other related programs that will encourage more client engagements.

One of the trademark filings represents Mastercard’s intentions to add its name to sporting events, festivals, concerts, cultural events, financial education seminars, as well as awards shows in the Metaverse.

In preparation for the introduction of these new products, Mastercard added 500 new workers. It has been consulting with merchants and banks about adopting NFTs and crypto-enabled technologies.

Playing Catch-up To Rivals

Mastercard’s filings may be seen as playing catch-up to rivals like Visa and American Express, both of which have already filed patent applications for their various digital assets and NFTs-based projects.

Visa first filed its patent application to create a digital currency back in 2020. The company is in the process of launching a native digital currency on its card network.

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