Mastercard Prepares for Virtual Economy, Files for NFT and Metaverse-related Trademarks

April 8, 2022

Reading Time: 2 minutes

As digital assets are becoming more popular, the global payment facilitator, Mastercard International inc., has joined the list of financial majors looking to become major players in the virtual economy.

The credit card operator has filed for fifteen new trademark applications which are meant to register Mastercard, its “Circles” logo, and the “priceless” slogan, as confirmed in a tweet sent out April 8 by non-fungible tokens (NFTs) and metaverse trademark attorney Michael Kondoudis.

Details revealed says that Mastercard is set to build marketplaces for digital goods and NFT backed media, E-commerce software that will enable users to make business transactions electronically. Card payment transaction process and other financial services in the metaverse are also added.

According to Mike Kondoudis, he said the financial company is planning for events and performances in the fields of cryptocurrency, finance, and NFTs in the metaverse. He went further that Mastercard is looking to be a major player in the virtual economy.

Recently, the financial company tied with Coinbase of which will allow users to buy NFTs on the exchange’s upcoming platform.

More Digital Assets Popularity

In 2021, NFT related trademark saw only 1965 applications, 2022 first quarter has already seen over 2000 filings, which has exceeded last year’s filing already. Many established institutions have refused to be left behind as they’ve ventured into the Metaverse. Singapore’s DBS Group, the biggest bank in Southeast Asia recently said it is looking at a virtual reality venture.

JP Morgan and HSBC also announced that they are both setting up virtual spaces in Decentraland and the sandbox respectively. Citigroup in a report said that Metaverse market is possible to grow up to $13 trillion by 2030, with users possible to reach 5 billion marks.

With the rate of increased trademark filings for metaverse and NFT related projects, it is obvious that many companies across the globe are seeing the beauty of the virtual economy, of course, none of them would want to be left behind.

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