Mastercard Inc (NYSE: MA) is venturing into the Metaverse. The company is not the first credit card business to join the space. Others are American Express Company (NYSE: AXP) and Visa Inc (NYSE: V). Mastercard believes that this move would help it compete and remain relevant in the virtual space.
Mastercard files 15 patents
Mastercard has filed fifteen Metaverse and NFT trademark applications with the USPTO (U.S Patent and Trademark Office). These filings include virtual reality (VR) events, a marketplace for sellers and buyers of digital goods, and processing payment in the space.
The company has also filed a trademark for its slogan, Priceless. The trademark includes multimedia files like video, audio, text, and artwork authenticated by NFTs. Mastercard has also filed a trademark for its logo, including yellow and red circles to process payments of items purchased from the Metaverse.
Another patent will also add the company’s name to festivals, award shows, sporting events, concerts, and cultural events in the virtual reality world. It will also add the company’s name to programs and seminars that involve financial education in the Metaverse.
Mastercard is taking its latest venture seriously as it has already hired 500 people to discuss with banks and merchants how they could adapt NFTs and crypto-based technology. American Express and Visa have also submitted their patents to the USPTO for approval.
Visa initially filed for a patent in 2020 for a digital currency. The company is also developing a digital currency on its network. American Express, on the other hand, had filed seven patent applications for its branding with concierge services and virtual payment in the Metaverse. They also involve the use of its payment cards on NFT marketplaces.
The credit card companies want to compete in the Metaverse
The three companies have been working hard to remain relevant in the virtual economy. For example, Mastercard started Start Path Crypto. The program, which ran for three months, was to help crypto and blockchain startups scale their operations. Visa also began The Creator Program to help businesses leverage the NFTs for success.
Additionally, the companies are in the PCI Security Standards Council, which works on improving payment worldwide. Other companies in the organization are Discover Financial Services (NYSE: DFS) and JCB.
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