Mastercard files 15 NFT and metaverse trademark applications with USPTO

Payment service providing company Mastercard has filed 15 NFT and metaverse trademark applications with the U.S. Patent and Trademark Office (USPTO).

As per the filings, the company plans for a virtual community to interact with digital assets, an NFT marketplace for buyers and sellers of downloadable digital goods, payment cards processing in the Metaverse, virtual reality events, and more.

Multimedia files, like artwork, audio, video, and text are validated by NFTs in one trademark filing for the company’s “Priceless” motto. Another application shows how the company hopes to use its red and yellow “Circles” branding to handle card transactions in the Metaverse and other virtual communities.

Mastercard expanding its roots in the digital asset sector

In a separate patent, the Mastercard name will be added to Metaverse cultural events, concerts, sporting events, festivals, and award shows, as well as financial education seminars and activities. In February, the company hired 500 new employees to advise banks and merchants on the use of crypto-enabled innovations and NFTs. 

However, it isn’t the only large financial company filing for NFT or metaverse trademarks. Visa and American Express have also filed USPTO filings pertaining to cryptocurrency. Visa first filed a patent application for a digital currency in 2020 and is now working on a native digital currency for its card networks. 

American Express also filed seven applications related to branding with virtual payment cards, concierge services in the metaverse, and using its cards at an NFT marketplace.

Furthermore, these credit card firms have taken a number of steps to stay competitive in the virtual market. While Mastercard introduced the Start Path Crypto program to help blockchain and crypto firms scale their operations, Visa announced its own Creator Program to mentor entrepreneurs about NFTs and help them grow their small enterprises. In January as TheCoinRise reported, Mastercard partnered with crypto exchange giant Coinbase to offer NFT payments. Mastercard has also successfully tried its hands on Crypto-funded payment cards for the Asia Pacific.