Is Meta intending to build a crypto exchange focused on the metaverse? There is mounting evidence that this is the case.
According to recent statistics, Meta, Facebook’s parent corporation, may be aiming to start its own cryptocurrency exchange. The company has submitted eight new trademark applications for the Meta logo, which include crypto tokens, blockchain software, virtual currency exchanges, financial and currency trading, and digital, crypto, and virtual currencies.
Mike Kondoudis, a trademark lawyer who specializes in NFT and metaverse trademarks, released the trademark statistics on Twitter. “These filings reflect the company’s goal for pushing into the metaverse,” he added. Meta certainly has big intentions for the virtual economy that will power it.”
Meta Platforms has filed 8 trademark applications for its Logo. The applications cover:
▶️ Crypto tokens
▶️ Blockchain software
▶️ Virtual currency exchanges
▶️ Financial + Currency trading
▶️ Digital, crypto, and virtual currencies#NFTs #Metaverse #Cryptocurrency pic.twitter.com/HWERdJrWhg
— Mike Kondoudis (@KondoudisLaw) March 23, 2022
Potential for cryptocurrency trading – Meta Exchange
Because of the growing popularity of the metaverse, NFT real estate might be worth $1 billion by 2022. Furthermore, digital asset regulation is currently at the forefront of government policy. As assets and land in the metaverse become more widely traded on social media, it would seem logical for Meta to include NFTs in the Facebook Marketplace. From a trademark standpoint, this week’s filing would allow them to do so under the Meta brand. NFTs, on the other hand, might be considered a financial asset and subject to financial trading rules in the United States. If this occurred and Meta wished to offer NFT trading on its platform, it would need to defend its brand in this category. Mark Zuckerberg just revealed that NFTs would be coming to Instagram, thus this is already in play in certain respects. However, there are numerous legal and regulatory minefields to navigate in addition to simply trademarking your name in order to legally exchange financial assets.
While there is no concrete news on whether the trademark indicates a Meta crypto exchange is on the way, it does appear increasingly likely that one is in the works. We know Meta aspires to be at the cutting edge of metaverse technology. It’s right there in their name and mission statement.
The metaverse is the next evolution of social connection. Our company’s vision is to help bring the metaverse to life, so we are changing our name to reflect our commitment to this future.
A metaverse-focused exchange would be a logical next step on the path to metaverse dominance. Without hundreds of billions of cash, Meta cannot manage every metaverse endeavor. Sandbox’s market cap is currently $4.2 billion, but due to the decentralized nature of blockchain, they cannot simply buy the competitors as Facebook did with Instagram. Another approach would be to serve as a hub for all metaverse initiatives, providing a centralized location for trading metaverse tokens, NFTs, and other digital assets. For all initiatives, the Meta exchange would serve as a conduit into the metaverse. From there, it may make sense to include prominent coins like Ethereum and Bitcoin as crypto investors’ on-ramps to the metaverse. Suddenly, Facebook has become the centralized center of the worldwide metaverse. They already dominate a big portion of everyday international attention through Facebook, Messenger, WhatsApp, and Instagram. Will they be able to take over the metaverse as well?
Meta in the metaverse
Meta has also applied for trademarks for two additional names, Meta Portal and Meta Horizon, to cover virtual reality, augmented reality, social networking, and mixed reality software. Horizon is a metaverse project running on Meta’s Oculus platform. The incorporation of the Meta moniker into the logo could imply a broader drive by the company to expand the metaverse beyond VR.
Meta’s ambitions for crypto supremacy have sputtered in recent years. Diem, their stablecoin initiative, was a colossal flop that was sold to Silvergate earlier this year. However, all of this was done under the Facebook brand. The switch to Meta appears to have left some legal gaps exposed, which the business is now working to close. However, the issue now is, “Is Meta simply safeguarding its intellectual property by trademarking its logo for use in crypto and financial trading, or is there more to it?”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.