Mastercard Files 15 Metaverse and Crypto Trademarks
- Mastercard files for 15 metaverse and crypto trademarks.
- Mastercard follows suit of a long list of other companies who have made their entry into the metaverse.
Companies and firms from different service sectors seem to be jumping on the metaverse and crypto bandwagon. Recently, Mastercard announced that it has filed for 15 metaverse trademarks. The trademarks are related to crypto, NFTs, and metaverse.
The 15 filings as of April 7 include a marketplace for digital goods, NFT backed media, payment transactions, and e-commerce software business in the metaverse.
Mastercard filed the trademarks on a 1b basis
The applications for the trademarks have been submitted on a 1b basis. That means that the company plans to use them in the future even when the company is unclear about how and when to use them.
1a applications are the ones with an actual use case. Whereas 1b filings don’t require actual evidence to be provided to the government about the usability of the trademark that is being submitted. The company can present a bonafide intent at a future date in order to use the trademark.
Payment giants are jumping into the crypto space. Visa has recently joined the bandwagon by entering the crypto ecosystem. They have also been hiring crypto staff to expand their growth in the ecosystem. American Express had also filed for trademarks similar to Mastercard.
This isn't Mastercard's first foray into the blockchain and cryptocurrency world. Mastercard and Coinbase signed a contract earlier this year to support Coinbase's NFT marketplace.
The move reflects a broader trend among businesses as the companies don’t want to be left out in the growing crypto realm. In February 2021, there were roughly 13 metaverse trademark applications; by February 2022, that number had risen to 257.
Centralized and regulated entities entering into the Web3 space is something of a double-edged sword.
While it may strip Web3 of some of the anonymity, it may also help reduce the ever-growing issue of scams and hacks.
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