While it may seem like a far stretch for a credit card company to integrate cryptocurrency into the payment experience, Mastercard is already taking bold steps in this direction. Its trademarks include NFT, metaverse, and blockchain, and it has even partnered with a crypto asset custody and trading platform, Bakke. This partnership will further expand the use of NFTs and help brands to take advantage of the m-commerce potential of the crypto-asset market.
Mastercard’s NFT- and metaverse-related trademark
In a series of recent trademark filings, Mastercard indicated that it plans to use NFTs to validate multimedia data, and to develop a marketplace for virtual assets. This could be a sign of the company’s ambition to converge reality and digital assets. The company also intends to use its brand to facilitate payments in the Metaverse. While these plans are still in the development phase, the company hopes to utilize its logo to brand its products in the metaverse.
Mastercard’s NFT and metaverse-related patents could help it establish a strong presence in the new metaverse. In February, the company hired 500 new employees to focus on cryptocurrency and NFTs. This effort coincided with Mastercard’s launch of cryptocurrency-linked payment cards in the Asia-Pacific region. The new products allow users to convert their digital assets into fiat currency and remove the middleman between them and merchants.
In addition to these new patent applications, the company may also open a marketplace for the trading of NFTs, which would allow users to buy and sell digital assets. Its trademark application also highlights the company’s plans to offer educational information and entertainment in the metaverse. Mastercard has partnered with Coinbase to promote the development of a metaverse-based cryptocurrency, and the logo is simple yet elegant: two circles overlapped and the word “Mastercard.”
Brands tap into the power of NFTs to explore new m
Among the latest initiatives from MasterCard is the establishment of a new accelerator program for digital assets, the goal of which is to expand the innovation ecosystem around digital asset technology and enable consumers to buy cryptocurrency through their cards. Among the companies that have participated in the accelerator program are GK8, Mintable, Stacs, and Supraoracles. GK8 is a self-managed crypto custody platform, while Mintable is a non-fungible token marketplace. Stacs is a blockchain infrastructure provider for the financial industry, while Supraoracles is a digital asset oracle that will support the global crypto market.
A number of brands have already begun to use NFTs as part of their marketing strategy. For example, PepsiCo’s Lay’s chips brand is using them in a marketing campaign in Romania, while Audi is using them in China to promote a new line of Audi cars. And for a new line of rum from Bacardi, these digital assets will help brand managers highlight a new brand.
The initiative has opened the door for small businesses to enter the digital economy. The concept of a small business is evolving from the traditional mom-and-pop shops to independent businesses and entrepreneurs. This program aims to create a global cohort of creators, which will be equipped with NFTs to build their businesses. However, the program’s goals are not yet fully realized. The next stage will involve the creation and distribution of new products.