MasterCard files for 15 metaverse, NFT trademarks

Financial services company MasterCard has trademarked more than 15 metaverse and non-fungible token (NFT) entities. This includes NFT backed multimedia, e-commerce software business transactions, payment transaction processing and the likes.   

One particular document describes the application as pertaining to “processing of virtual credit card, virtual prepaid card, and virtual payment card transactions in the metaverse and other virtual worlds”.  

While another document indicates that Mastercard plans to add its branding to sporting events, seminars and other related events in the metaverse.  

Mastercard currently is valued at $340 million and is one of the top four credit card networks globally.  

According to filings dated April 7, 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.

According to a coinTelegraph report, Mastercard has hired close to 500 new employees in the first quarter of 2022 to work on projects related to NFTs, blockchain and cryptocurrency.

Big names have been investing heavily in the metaverse and NFTs recently. Starbucks on April 11 announced that they will launch NFTs by the end of 2022.  

On 10 April, Epic Games and Lego entered into a partnership to build a virtual world for kids based on the metaverse.

On 30 March this year, Mastercard’s competitor Visa launched a NFT creator platform for small businesses. The platform aimed to be an initiative to help people with a small business to learn to create NFTs, targeting artists, filmmakers, fashion designers, musicians and the likes.