Mastercard could be preparing to enter the metaverse

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One of America’s largest banking institutions predicts the Metaverse will be a $13 trillion industry by 2030.

Global financial institution Mastercard is preparing for the metaverse economy through 15 brand apps that would position it as the greatest payment facilitator for a virtual world powered by crypto, fintech (financial technology) and all commerce technologies metaverse electronics.

The news came to light last week when the USPTO licensed a trademark attorney and intellectual property specialist Mike Kondoudis tweeted details of several trademark filings which included the Mastercard name, the company’s “Circles” logo and the “Priceless” slogan. the Tweeter also included details such as media supported by NFT, payment processing in the metaverse, marketplaces for digital goods + NFTs, and e-commerce transactions in the metaverse.

Last April, Citibank predicted that the metaverse economy could be worth up to $13 billion by 2030. There are many significant opportunities here for brands and industries. Many are in the early stages of establishing their digital twin in the metaverse. This includes Nike, Wendy’s, The hole, walmartand McDonald’s.

This move to the metaverse isn’t just impacting the food, retail, and fashion industries. Almost every type of business is looking to the metaverse and digital twinning as a new way to do business with their consumers, expand their B2B relationships, and recruit, onboard, and train new and current employees.

Even the higher education industry sees the potential of the metaverse. Several colleges recently announced that they are opening their own metaversities, unique digital twins of their campuses where students can attend classes and purchase virtual college sweatshirts remotely.

The Wendyverse / Credit: The Wendy’s Company

Earlier in 2022, Mastercard partnered with Coinbase to create an NFT marketplace that will allow you to use your Coinbase wallet to pay for digital goods using a Mastercard debit or credit card.

Mastercard is not alone in this race. The global banking institution, HSBC, has just announced that it is in fact closing nearly 70 real-world branches in the UK to focus on establishing its digital twin in the metaverse. Recently, the company opened a new metaverse investment portfoliowhile JP Morgan, PayPaland Visa are also all in the race to establish their own digital twin.

Thanks to the Mastercards trademark filing, the company had 4 key application details for its footprint in Web3 that it believes will be fruitful for its metaverse efforts.

  • “Downloadable music files authenticated by non-fungible tokens (NFT); downloadable media files containing artwork, text, audio, and video authenticated by non-fungible tokens (NFT);… E-commerce software enabling users to conduct electronic commerce transactions in the Metaverse and other virtual worlds”
  • “Marketplaces for digital goods and media supported by NFT”
  • “Processing virtual credit card, virtual debit card, virtual prepaid card and virtual cash card transactions in the metaverse… Payment processing services, namely, credit card, prepaid card transaction processing services, gift card and payment card in the Metaverse; Providing financial information in the Metaverse and other virtual worlds”
  • “Events and Performance in the Metaverse in Finance, Cryptocurrency and NFTs”
  • “Online communities for digital assets, NFTs, metaverses and virtual worlds”
Metaversities / Credit: Engage XR

This is just the beginning of the direction the metaverse is taking. These patents show how businesses, brands, and industries will all benefit from having a digital twin in virtual space. To date, the number of US NFT trademark applications has exceeded the number filed last year. In 2020, the US patent office saw 23 applications filed, in 2021 there were a total of 1,965 filed. So far in 2022, 1,967 applications have been filed and this number is growing rapidly.

There’s a lot of investment and movement in the metaverse right now, and Mastercard is gearing up to be there to process those payments with “invaluable” experience.

Image credit: Mastercard

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