Meta Inc., formerly Facebook, has been expanding into the metaverse since its much-talked-about rebranding in 2021. The tech giant’s plans for the virtual economy were made even clearer when it filed eight crypto-related trademark applications on March 18, 2022. The company’s trademark attorney Mike Kondoudis announced the news in a press release five days later, followed by a tweet detailing the applications’ field of interests.
The registrations cover a wide range of crypto services, including cryptocurrencies, blockchain software, crypto trading, crypto wallets, and crypto exchanges. In a Bloomberg report, Kondoudis described these applications as a blueprint for how Meta will engage in the metaverse. He elaborated that these registrations don’t just cover your typical “run-of-the-mill” NFT and metaverse products. As is expected from a company of this size and scale, Meta surely has a hand in the evolution of the metaverse.
Meta’s 8 crypto trademark applications
Meta’s trademark applications with the United States Patent and Trademark Office, or USPTO, give us a glimpse of the company’s proposed metaverse. Here are Meta’s trademark applications and the items they cover, organized by serial number:
- 97320136 — covers downloadable software in the nature of a mobile application, such as for online charitable fundraising and user authentication, as well as for hardware or e-wallets.
- 97320140 — related to wearable devices to be used for virtual reality video games.
- 97320144 — referenced augmented reality advertising and other advertising services via the metaverse.
- 97320146 — specified payments processing services relating to cryptocurrencies, blockchain assets, tokens, and other virtual assets.
- 97320147 — referenced telecommunication services for electronic assets held on the Meta platform.
- 97320149 — covers services related to entertainment and electronic publishing within virtual reality.
- 97320153 — referenced the design and development of Web3 computer hardware and software such as e-commerce, blockchain transactions, etc.
- 97320155 — specified online dating and social networking services, including services intended for people interested in cryptocurrency investing.
Meta to bring advertising and online dating to Web3
These trademark applications came weeks after Meta unveiled its updated plans for the metaverse. These developments included Horizon Worlds updates that would allow creators to monetize their work using an e-commerce tab and gizmo while on Build Mode.
Moreover, these registrations confirm rumors that Meta is fully embracing blockchain technology, crypto, and NFTs, despite a failed cryptocurrency project called Diem. The project met sustained opposition from US banks and regulators, citing concerns that Meta’s wide user base could potentially trump other cryptocurrency projects. Meta has since pivoted its strategy to developing a token internally dubbed as “Zuck bucks,” a currency that can only be used within the Meta ecosystem.
According to insider sources, Meta plans to tap into its already gargantuan user base on Facebook and Instagram to incorporate NFTs and crypto in its social experience. While it’s still unclear how NFTs will work on these platforms, Mark Zuckerberg has made it clear that the goal is to make these breakthrough technologies more accessible to a wider audience.
The company is also looking at bringing advertising, its biggest revenue generator, into the metaverse. This is an unsurprising move given that a growing number of large corporations are already embracing Web3 as prime real estate for expanding their reach. Brands and celebrities have been teaming up with metaverse projects to tap into the possibilities these platforms offer.
Global companies like McDonald’s, Burger King, Victoria’s Secret, American Express, JPMorgan, and HSBC have filed multiple trademark applications and established a presence in the metaverse. What’s clear is that early adoption will give these companies an edge should the Web3 world become more mainstream.
With many renowned and successful brands embracing Web3, it wouldn’t take long before cryptocurrency trading, virtual restaurants, and Web3 shopping become the norm.
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