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According to statistics from the United States Patent and Trademark Office, payments giant Mastercard has applied for at least 15 crypto- and metaverse-related trademarks.
Trademarks for virtual cards and payments in the metaverse, an application to create NFTs, an NFT marketplace, and a platform for crypto assets in general are among Mastercard's applications.
One of Mastercard's applications, serial number 97346029, stated, "Provision of an online marketplace for buyers and sellers of downloadable digital products and media validated by non-fungible tokens (NFTs)."
Another proposal proposes NFT-backed downloadable music files, as well as other multimedia assets including as artwork, text, audio, and video — all of which would be authenticated by NFTs. On Twitter, American patent lawyer Mike Kondoudis mentioned the applications.
Mastercard has filed 15 trademark applications for— Mike Kondoudis (@KondoudisLaw) April 8, 2022
▶️Its Circles Logo
Indicating plans for
✅NFT backed media
✅Payment processing in the Metaverse
✅Marketplaces for digital goods + NFTs
✅E-commerce transactions in the Metaverse#NFT #Metaverse #Web3 pic.twitter.com/IlamOZ6OLZ
The global payments corporation also applied for the creation of virtual cards, such as debit, credit, and prepaid cards, that would allow them to accept payment for products and services in the metaverse. This is the company's second foray into the industry; in January, it collaborated with cryptocurrency exchange Coinbase to offer a suite of crypto services.
By recognizing NFTs as digital products, the cryptocurrency exchange stated in January that it had sought the support of Mastercard to improve user experience when purchasing digital collectibles. According to Coinbase, this will enable a broader range of customers to purchase digital collectibles.
Mastercard has filed an application for events and performances in the metaverse, in the fields of banking, cryptocurrency, and NFTs, following the applications for virtual payment system trademarks, NFTs, and more.
As marketers want to broaden their reach and attract more participants, events have grown in popularity, especially as COVID continues to complicate travel plans, international events, and festivals. The Australian Open, which was staged in the Decentraland metaverse, was one such example, with NFTs being auctioned to allow fans to buy a piece of the court.
After Facebook said it will be rebranding as Meta and refocusing its business towards the creation of the digital world in 2021, the concept of the metaverse, which is frequently credited to sci-fi author Neal Stephenson, surged in popularity. Goldman Sachs analyst Eric Sheridan said shortly after that the virtual world may be worth $8 trillion.
Furthermore, investments in metaverse-related businesses are on the rise. According to Crunchbase data, about $1.9 billion in venture capital funding went to AR and VR start-ups in the fourth quarter of 2021 alone.
According to Statista research, the metaverse market is expected to increase by more than 20% this year before ballooning by more than 1,300% by 2030. According to Statista, it will be worth $47.48 billion in 2022 and $678.8 billion in eight years.
Insider reached out to Mastercard for comment, but they did not respond right away.
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