Mastercard International Inc, a credit card company, filed various trademark applications linked to NFTs and the Metaverse. The company joins a growing list of financial titans attempting to cash in on the burgeoning trend.
American Express, a competitor of Mastercard, applied for NFT and Metaverse-related trademarks last month, as part of a bigger drive by Wall Street businesses into the field. According to trademark attorney Mike Kondoudis, Mastercard filed 15 trademark registrations for intellectual property on April 4, including its iconic Priceless slogan and Circles Logo. According to the details given, Mastercard plans to develop marketplaces for digital commodities and NFT-backed media, as well as e-commerce software that allows users to conduct electronic business transactions in the virtual world, in line with the details. In the Metaverse, it also added a card payment processing procedure and other financial services.
Mastercard has events and performances planned in the metaverse in the fields of banking, cryptocurrency, and NFTs, according to Mike Kondoudis. According to a study, the financial institution expects to play a major role in the digital economy. Mastercard and Coinbase recently announced a cooperation in which Mastercard cards will be able to buy NFTs on Coinbase’s future platform. According to reports, NFT-related trademark applications have already surpassed those filed the previous year.In 2021, just 1965 applications were filed; by 2022, over 2000 applications have been filed. This year, a rising number of well-known institutions have entered the Metaverse.
Prior to DBS’ announcement, JPMorgan and HSBC both established virtual spaces in Decentraland and The Sandbox, respectively, in Decentraland. According to a Citigroup study, the Metaverse market has the potential to grow to $13 trillion by 2030, with a 5 billion user population.
Seems like Mastercard is having some FOMO.
Read more: HSBC Holdings launches a Metaverse-focussed fund for wealthy investors
