Mastercard plans to enter the metaverse and NFT market
Digital art products in the form of NFT-tokens have been avidly acquired throughout the world for some months now. They offer everything from artwork and previously unknown songs by well-known artists to virtual tacos and crossword puzzles. The total value of sold art has now topped $300 million. Thus, Mastercard has filed 15 trademark applications with the United States Patent and Trademark Office (USPTO) for meta-universe and NFTs.
The international payment system Mastercard filed applications for 15 trademarks. They include NFT-based multimedia, trading platforms for digital goods, and payment transaction processing in the meta-universe, as well as e-commerce software. One trademark application filed with the U.S. Patent and Trademark Office says Mastercard is ready to provide virtual payments in the metaclass universe and other virtual worlds.
As we can conclude, Mastercard intends to become one of the whales in the meta-universe economy in the long run. For now, they can deliver financial and cryptocurrency services in the crypto environment, such as asset storage, digital payment processing, and NFT token exchange. Another patent covers putting Mastercard’s name to Metaclass universe cultural events, concerts, sporting events, festivals, and award ceremonies, as well as seminars and financial education programs. Furthermore, Mastercard cooperated with the cryptocurrency exchange Coinbase in the United States to allow the buying of NFTs.
Thus, Mastercard joins Visa and American Express in an endeavor to grow income streams and remain competitive in the virtual economy of meta-currency. Cryptocurrencies and NFT are increasingly attracting the attention of other payment systems. In 2021, Visa paid $150,000 for Crypto Punk’s NFT collection. In March, American Express began trademarking downloadable computer software for converting a virtual payment card into an electronic wallet.
However, given the facts, MasterCard seeks to increase its dominance in the financial services sector. The company’s comment came in the wake of reports that MasterCard’s competitor, the Visa payment system, is already actively adopting blockchain technology. Users of some cryptocurrency exchanges, for example, can easily purchase cryptocurrency and NFT tokens using solely fiat and Visa debit cards.
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