Global payment facilitator Mastercard International Inc. (NYSE: MA) is moving into the metaverse as it looks to become a major player in the virtual economy.
Mastercard has submitted fifteen new trademark applications to register Mastercard, its “Circles” logo, and the “Priceless” slogan, according to a tweet sent out on April 8 by non-fungible tokens (NFT) and metaverse trademark attorney Michael Kondoudis.
A range of virtual, crypto, and financial products and services will be covered by patents filed with the United States Patent and Trademark Office on April 4, 2022.
Mr. Kondoudis stated:
“Mastercard is a leading financial brand, and the value attached to the brand is significant. These filings are the next logical step to protect the Mastercard brand as it enters the Metaverse.”
The attorney added:
“Clearly, Mastercard sees the potential of the Metaverse and is preparing its trademarks and brand for the virtual economy that will dominate it. It is a safe bet that Mastercard expects to be a major player in that virtual economy.”
What is Mastercard trademarking?
In particular, the payment giant has filed trademarks for NFT backed multimedia, marketplaces for digital goods, card and payment transaction processing in the Metaverse, as well as e-commerce software business transactions.
Notably, Finbold reported last month that American Express (NYSE: AXP) filed similar trademark applications last month, being the latest credit card service company latest to jump on board.
The Washington DC-based trademark lawyer opined on the matter:
“Perhaps the most interesting aspect of these applications is that they appear to continue a recent trend of NFT and Metaverse trademark filings from the financial services sector. We expect the number of trademark filings for NFT and virtual products and services from the financial services sector to increase in the next 12 months.”
It’s worth mentioning that the number of NFT trademark applications in the United States climbed 421 times in 2021, a significant gain when compared to just three in 2020, and that trend is certainly continuing in 2022.
According to Mastercard, it currently has about 2.8 billion of its cards in use. With such a dominant network, Mastercard began lowering the entry barriers into the crypto space for its clients last year as it partnered with Bakkt helping to push cryptocurrencies into the mainstream.