MastercMastercard, the global card network, and financial institution are preparing for the metaverse economy by filing 15 trademark applications that would position it as the largest payment facilitator for a virtual world driven by crypto, fintech, and all metaverse e-commerce technologies. Citi forecast in April that the metaverse economy may be worth $13 trillion by 2030. There’s a tremendous opportunity for brands and industries in the metaverse. Many users are in the early stages of establishing their digital twins in the metaverse. Nike, Wendy’s, Gap, Walmart, and McDonald’s are among the companies involved. Almost every type of company is considering the metaverse and digital twinning as a new method to interact with customers, expand B2B connections, and recruit, onboard, and educate new and existing staff. Mastercard partnered with Coinbase to create an NFT marketplace earlier in 2022, allowing users to pay for digital goods with their Coinbase wallet and a Mastercard debit or credit card. Mastercard is not the only one preparing for the metaverse economy. HSBC Bank, a worldwide banking company, recently announced the closure of over 70 physical locations in the United Kingdom in order to focus on developing its digital counterpart in the metaverse. The company recently launched a new metaverse investment portfolio, and JP Morgan, PayPal, and Visa are all vying for their own digital twin.
Mastercard Could Be Preparing To Enter The Metaverse – VRScout