Mastercard seeks to enter into the metaverse, its recent applications to the US Patent and Trademark Office (USPTO) have indicated. The payment giant is exploring ways to process payment cards in the virtual universe, while also considering opening up a digital marketplace for downloadable goods that could be bought, sold, or traded. The development comes after Mastercard expanded its consulting teams to work towards Web 3 adoption following discussions with merchants and members of other banks.
Founded in 1966, Mastercard is ready to host virtual events now, with attendees present as avatars in the metaverse.
As part of its patent applications, the company has sought approval to organize educational seminars, cultural events, concerts, sporting events, festival celebrations and even award shows in the virtual universe.
Mastercard’s iconic logo showing two circles, one red and the other yellow, overlapping each to form orange in the center, is also said to be given a metaverse makeover along with the company’s slogan – “There are some things money can not buy; for everything else is Mastercard “.
As of now, Mastercard has not officially announced its plans to make a debut in the world of metaverse. It can take as long as six months for Mastercard to receive updates on its patent applications, as this is the average time it normally takes for the USPTO to review an application.
Meanwhile, other big names from the financial sector also took similar steps before getting into the metaverse.
Last month, American Express announced seven trademarks for its plans to step into virtual reality.
Visa, and JP Morgan are other notable banks that have begun embracing elements of the Web 3 sector.
In March, the British bank HSBC also decided to buy a piece of digital land in The Sandbox metaverse to engage sports, sports and gaming enthusiasts.
Research reports predict that the market potential for the metaverse $ 800 billion (approximately Rs. 59,58,719 crore) will reach by 2024.