Mastercard files trademarks in the metaverse
By MYBRANDBOOK
Payments giant Mastercard has filed 15 Non-Fungible Token (NFT) and metaverse trademark applications with the United States Patent and Trademark Office (USPTO), as part of an extended plan to extend its payment processing system, slogans and branding into the new virtual economy.
With this move, Mastercard has joined Visa and American Express who previously have also filed several applications related to payment cards and services in the metaverse and using its cards at NFT marketplaces.
Highlights of the filings include plans for a virtual community for interacting with digital assets, the processing of payment cards in the Metaverse, an online marketplace for buyers and sellers of downloadable digital goods, virtual reality events and more.
One trademark filing for the company's “Priceless” slogan consists of multimedia files such as artwork, text, audio and video that are authenticated by NFTs. Another application illustrates plans for its red and yellow “Circles” logo to process card transactions used for payment of goods and services in the Metaverse and other virtual worlds.
According to filings, the applications were filed with an intent to use them in the future, which is named as ‘1b’. Trademarks categorised under ‘1a’ on the other hand are for “actual use”. For 1b patents, the company doesn’t need to provide evidence to the government that it is already utilising the trademark, instead, it requires the company to showcase “bonafide intent” to use the trademark sometime in the future.
It is reported that Mastercard has hired close to 500 new employees in the first quarter of 2022 to work on projects related to NFTs, blockchain and cryptocurrency.
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