First Mastercard, now Visa. Mastercard just recently announced they are going to be Ambassadors for cryptocurrency. About a week later, Visa joins the fray. They recently just published 5 trademarks that directly correspond to Crypto, NFTs and the Metaverse. What do they have in store? Let’s break down their applications.

The Visa Digital Wallet

The first application they sent was the use of temporary non-downloadable software for any and all things crypto. It reads “For users to view, access, store, monitor, manage, trade, send, receive, transmit, and exchange digital currency, virtual currency, cryptocurrency, digital and blockchain assets and non-fungible tokens (NFTs).” This is quite the list. They want to incorporate ALL of it. NFTs and crypto tokens to be freely traded to any user. What this sounds like is the creation of a digital Visa wallet for crypto and NFTs. Not surprising after Mastercard announced something very similar last week. Their 2^nd application specifically refers to NFTs.

Visa and NFTs

Virtual concept of Visa and NFTs

In this trademark application, it’s all about NFTs. This one reads, “Non-downloadable virtual goods; non-downloadable virtual goods, namely, a collectible series of non-fungible tokens.” Perhaps this relates to a specific ability to make NFTs truly “owned” by the purchaser or recipient. An often-vocal critic of NFTs is the ability to just “download the image” and say they have the NFT. By making it non-downloadable and staying in that specific wallet, it verifies authenticity. Now their next application is how it will all work, focusing on the software side.

Software for the Cryptocurrency

Various Crypto Tokens

The 3^rd Trademark application involves detailing the software they will create for cryptocurrency tokens and assets alike. It reads “Software for management of digital transactions; use as a digital currency wallet and storage services software; use as a cryptocurrency wallet; and managing and verifying cryptocurrency transactions using blockchain technology.” This is speaking directly to the creation of a Visa crypto wallet and the ability to use it just like a debit card. By specifically mentioning “verifying cryptocurrency transactions using blockchain technology” they are going to probably use Ethereum or Polygon to verify the transactions. These two blockchains have been used heavily for their smart contracts to confirm transactions and for the speed of the transactions. Whichever they do choose, is purely speculative until they release which blockchain. Onto the 4^th application!

Auditing Crypto and Validation

For the 4^th application, it’s all about auditing and verification. This can definitely drone on and sound super boring, but I will summarize as colorful as possible. “Software used in auditing digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digitized assets, digital tokens, crypto tokens and utility tokens”. Essentially, it’s a giant application or software that will make sure what you receive, or use is actually real. Think of it like sniff test. It is a way of protecting their users as well as themselves from scam artists that would try to hack into the accounts. Good thinking on Visa for creating this software to keep their customers safe. The last application focuses on the Metaverse and virtual experiences.

Visa Metaverse World?

Rendition of the Metaverse

Visa submitted 5 trademark applications and the 5^th is explicitly about the Metaverse. “Providing virtual environments in which users can interact for recreational, leisure or entertainment purposes accessible in the virtual world”. Think of VR headsets but on steroids. With this creation it could bring places like the Las Vegas Casinos to the whole world in their living rooms or watching distant races like F1 in Monza from your couch. The possibilities are endless, and Visa is taking full advantage of it.

Visa or Mastercard

With the trademark applications from Visa going live, they are positioning themselves to challenge or collaborate with Mastercard. Will we see the two money heavy weights work together or create competing products that are virtually the same? Only time will tell, and we will bring that news as soon as we hear it to you.