Meta Files a Brazilian Trademark Application for Crypto-Related Services

Meta has filed a trademark application in Brazil, which would enable the social media platform to design, develop, and deliver hardware/software for a range of cryptocurrency-related services.

Meta, previously known as Facebook, has registered a trademark in Brazil, allowing the world’s biggest social media platform to position itself as a creator, developer, and distributor of hardware and software for bitcoin and cryptocurrency-related services.

The application, which was submitted with Brazil’s National Institute of Industrial Property (INPI) on October 5, 2021, is presently pending clearance by the INPI. Meta released the registration application earlier this week. According to what has been made publicly accessible, the trademark application looks to encompass crypto trading, wallets, and exchanges.

Since rebranding as Meta, Facebook has moved its focus to Web3 and the Metaverse, seeking to overcome earlier setbacks in attempting to develop a widespread stablecoin.

As of a few days ago, we learnt that Meta has decided to cancel the Diem project, which would have included selling Diem to return funds to investors and compensating engineers who worked on the project before. Diem was also allegedly in contact with investment bankers about the possibility of selling the intellectual property and relocating the engineers who had spent significant time on the project. Its objective was to establish a DLT-based stablecoin, but it chose to focus on developing its own metaverse — including crypto-related services – inside it.

Meta recently stated that it will enable the production and display of NFTs on Instagram and would open a Facebook NFT marketplace. These efforts have the potential to attract a large number of people to the NFT bandwagon. The NFT play may be the first journey into the metaverse.

Mark Zuckerberg, CEO of Meta, thinks that “NFTs may someday sustain this world.” Apple and Microsoft, both of which have shown interest in the metaverse, have both had their CEOs voice their support for the metaverse.

Microsoft acquired Activision Blizzard for $69 billion earlier this month as part of its drive into the metaverse. “Gaming is the most dynamic and engaging category of entertainment available today across all platforms and will be critical to the development of metaverse platforms,” Microsoft CEO Satya Nadella stated after the purchase.

Apple CEO Tim Cook has said that the business believes in the metaverse’s potential — a belief that is backed up by the company’s 14,000+ augmented-reality applications available on its App Store through its development interface, AR-Kit.

Apple’s research and development, according to Cook, is focused on the confluence of hardware, software, and services. Apple metaverse initiatives are expected to be closed systems, raising concerns about how they will interact with other metaverse projects or digital assets.

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