Mastercard is looking into ways to accept payments in the virtual world. The payment giant has submitted 15 trademark applications with the US Patent and Trademark Office pertaining to non-fungible tokens (NFTs) and the metaverse (USPTO).
According to a website, the company is also considering launching an NFT trading marketplace where users may sell and purchase digital assets.
“Providing entertainment and educational information in the sectors of cultural events, concerts, sporting events, festivals, and awards shows in the metaverse and other digital worlds,” according to the trademark application filed with the USPTO. Furthermore, the trademark emphasises the metaverse’s use of cryptocurrencies and non-fungible tokens (NFTs).
According to the trade application, Mastercard’s metaverse logo consists of two circles, one red and the other yellow, overlapping to produce an orange in the centre. The company’s motto on the logo reads, “There are some things money can’t buy; for everything else, there’s Mastercard.”
Mastercard has not stated whether or not it intends to enter the metaverse. Mastercard hired 500 additional staff in February to advise banks and merchants on the use of crypto-enabled technologies and NFTs.
Mastercard introduced cryptocurrency-linked payment cards in the Asia-Pacific region in December, allowing consumers to convert their digital assets into fiat currency. The cards are designed to bridge the gap between merchants who do not accept bitcoin and customers who want to pay with digital assets.
“Cryptocurrencies are many things to people—an investment, a disruptive technology, or a unique financial tool. As interest and attention surges from all quarters, their real-world applications are now emerging beyond the speculative,” said Rama Sridhar, Mastercard’s executive vice president for digital and emerging partnerships and new payment flows for the Asia Pacific, in a public statement.
Meanwhile, Visa and American Express have filed various applications for payment cards and services in the metaverse, as well as the use of their cards at NFT marketplaces.