Multinational financial services corporation MasterCard has just expressed interest in entering the Web3 ecosystem by filing several Metaverse-related trademarks.
Within the first quarter of 2022, two big-time multinational financial services companies, Amex and Visa filed NFT and Metaverse-related trademarks, marking their entry into the Web3 ecosystem. It was only a matter of time before MasterCard followed in their wake. After all, very few payment facilitators feature a broader operation and have been a bastion of financial innovations than MasterCard.
At last, earlier this month, MasterCard finalized its Web3-related filings with the Securities and Exchange Commission (SEC). That is not to say that it took a while for MasterCard to adapt to such new technology, thereby coming at a close third to Visa and Amex. So much goes along with SEC filings, and the number of trademarks MasterCard filed could indicate that it launched this initiative a while back.
Timing Is Not an Issue
MasterCard’s timing is not an issue. The crux of the matter is that the company is ready to venture into the Web3 space. A recent report said that MasterCard had forwarded several trademark applications to the SEC, some of which were for the company’s most recognizable brand assets.
On April 8, Michael E. Kondoudis, an award-winning trademark attorney specializing in protecting brands, confirmed the veracity of the said report. He tweeted that MasterCard filed 15 new trademark applications to register its brand assets, including “MasterCard,” its “Circles” logo, and its “Priceless” slogan.
In the same tweet, Kondoudis confirmed that the patents filed with the United States Patent and Trademark Office (USPTO) on April 4 covered a range of financial services and products and virtual and crypto services. These services include plans for NFT-backed media, payment processing in the Metaverse, marketplaces for digital goods and NFTs, and e-commerce transactions in the Metaverse.
MasterCard’s Foray into the Metaverse
Typically, when big-name financial services providers like MasterCard make their foray into the Metaverse, people wait to see how such companies will transform or improve their industry through Web3 technology. In the case of MasterCard, not doing everything within its means to foray into the Web3 ecosystem would be a disservice to its sector.
Hence, Kondoudis released a statement saying MasterCard’s recent filings “are the next logical step to protect the MasterCard brand as it enters the Metaverse.”
How Competitors Are Faring
How are MasterCard’s competitors faring? Visa started with a Cryptopunk purchase before registering their copyright filing. It has likewise expressed interest in helping artists work their way into the Web 3.
In the case of Amex, its CEO implied in January that the company is exploring ways to allow credit cardholders to redeem points for cryptocurrency. There is no word yet as to any progress in that area, but as with Visa and MasterCard, it has likewise made trademark filings.
Then there’s JP Morgan, which ventured into Decentraland with the opening of its virtual lounge.
It remains to be seen how MasterCard will fare alongside its competitors. However, it is safe to assume that there are endless possibilities for what this brand could do.
We can only wait and see what the company is planning and what it will do to bring its plans to fruition over the coming months.
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