Mastercard Files Patents for the Metaverse and NFTs

On April 4, Mastercard sent 15 metaverse-related patent applications to the US Patent and Trademark Office. These recent filings suggest that Mastercard wants to protect its brand and become a leading payment processor in the metaverse.

First, Mastercard wants to make sure that no one copies the name “Mastercard” or the motto “Priceless” in Web3. The company also filed a metaverse patent to protect the iconic red and yellow overlapping circles.

But Mastercard doesn’t just want to protect its name and image on Web3. These patents reveal that Mastercard wants to integrate its payment platform with NFT markets and metaverse platforms.

Indeed, some of Mastercard’s patents call for protection with “payment processing services … in the metaverse.” The company lists several types of payment methods that can be used, including credit cards, debit cards, and gift cards. Mastercard also suggested it wants to help businesses settle e-payments on metaverse platforms.

In addition to offering a convenient Web3 payment portal, Mastercard also appears to be interested in mining NFTs. Portions of the company’s patents seek protection for the creation of NFTs in the form of audio, text, visual art and film. Another section of Mastercard’s applications hinted that it is working on an NFT market.

Finally, Mastercard may also want to disseminate financial literacy information in Web3. A few paragraphs in Mastercard’s patent filings suggest it’s interested in hosting “events” in the metaverse related to financial topics. The company also hinted that it wants to create “online communities” around Web3 technology such as NFTs.

Mastercard continues its march to the metaverse

Anyone following recent news from Mastercard might not be too surprised by the company’s recent metaverse patents. For example, just a few months ago, Rarity Sniper discovered that Mastercard has added professional digital asset consulting to its Data & Services division.

Mastercard also made headlines earlier this year when it announced a partnership with Coinbase’s upcoming NFT market. Anyone who has a Mastercard credit or debit card can purchase digital collectibles from Coinbase NFT.

There are also reports that Mastercard has invested heavily in crypto and metaverse start-ups. Just a few blockchain companies associated with Mastercard are:

  • Ava Labs
  • NiftyKey
  • kash.io
  • LVL

While Mastercard is making a lot of moves in the crypto space, competing card companies are not standing on the sidelines. No doubt Visa has been even more aggressive in adapting to Web3. In the summer of 2021, Visa purchased the NFT CryptoPunk #7610 for $150,000. Also in 2021, Visa partnered with Crypto.com to settle transactions with the USDC stablecoin.

And don’t forget American Express. While AMEX is not as big as Visa or Mastercard, it is also interested in NFTs and the metaverse. A few weeks before Mastercard’s patent filings, AMEX sent similar metaverse trademark filings to the USPTO.

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