Payment processing giant, Mastercard, has 16 metaverse and NFT-related trademark applications with the federal patent office (the USPTO). Some of the filed trademarks include the plan for a virtual ecosystem for virtual asset interactions, processing payments through Mastercard services in the metaverse, an NFT marketplace for the transaction of digital products, VR events, and many others.
Some Highlights Of Mastercard’s Filings
One of the filings contains several NFT-authenticated media files like video, texts, and audio. Another filing involves using the card’s Circles logo to settle financial transactions in all virtual worlds, including the metaverse. Another application involves the incorporation of the Mastercard emblem at metaverse award shows and events (whether sports, culture, festivals, financial, or educational seminars).
As previously reported, Mastercard increased its workforce by 500 two months ago to prepare to adopt blockchain technologies, including NFTs. However, Mastercard isn’t the only Fintech firm making metaverse moves. Its competitors (American Express and Visa) have also filed their own metaverse-related patents applications at the USPTO.
Two years ago, Visa filed a patent application to own a virtual currency and would soon launch its governance digital currency across its card networks. Similarly, American Express filed eight metaverse-related patents last month. Some patents include buying and selling NFTs and paying for real estate in the metaverse space with American Express cards.
Being Relevant In The Metaverse Space
Furthermore, these credit card firms are launching various initiatives to remain relevant in the metaverse economy. For instance, metaverse launched a 90-day program known as start path crypto. This program assists blockchain and crypto firms in scaling their businesses into the metaverse.
Similarly, Visa launched its initiative, tagged, Creator Program, to assist entrepreneurs in growing their small businesses, enlightening them about NFTs and scaling their businesses with NFTs. These three credit card firms are among the PCI security standards council’s global credit card member companies (PCI SSC).
The primary objective of this council is to enhance the security of payment data globally. The PCI SSC members increased by one recently following its joining of the top regulated DeFi banking app (Scallop). The official statement from Scallop was that it joined to contribute DeFi-industry insights and make suitable crypto-related recommendations to the council.
The Metaverse Is Far From Perfect
Even though there haven’t been any metaverse rules, the space is already facing problems similar to those affecting the internet. For instance, currency.com has alleged several cases of sexual harassment in the metaverse. It is important to note that the metaverse won’t be the expected digital utopia if there arent standard ways of resolving toxicity in the space.
Many firms and users won’t be attracted to a space where hostility is the order of the day.
Meta’s ‘safe zone’ is one solution to fight hostility in the metaverse. When users are in this zone, they can’t communicate with other people. While the metaverse isn’t the idyllic vision with which it is being peddled, it can be provided little problems are solved.