Meta Applies for Trademark Registration in Brazil for Crypto-Related Services

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In Brief
  • Meta filed for trademark registration in Brazil to offer various cryptocurrency related services.

  • The trademark registration was filed on Jan. 25, 2021

  • Meta continues to take cautious steps into the cryptocurrency world, following the failure of Diem.

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Meta has applied for trademark registration in Brazil that would allow the social media platform to design, develop, and provide hardware/software for a variety of crypto-related services.

Meta, formerly known as Facebook, has filed a trademark registration in Brazil that would allow the world’s largest social media platform to position itself as a designer, developer, and provider of hardware and software for bitcoin and crypto-related services.

The application, filed with the Brazilian National Institute of Industrial Property (INPI) on October 5, 2021, is currently awaiting for INPI approval. Meta published the application for registration earlier this week. From what has been made publicly available, it appears the trademark filing would cover activities involving crypto trading, wallets, and exchanges.

Bye, Bye Diem

Since Facebook rebranded to Meta, the social media conglomerate has shifted its attention to Web3 and the Metaverse, hoping to overcome its previous challenges in trying to create a mainstream stablecoin.

As of a few days ago, we learned that Meta has chosen to abandon the Diem project, where the company would be selling Diem to return capital to investors and paying the engineers who had previously worked on the project. Diem was also reportedly talking with investment bankers about selling the intellectual property and finding positions for these engineers who did spend considerable time on the project. The mission of it was to create a DLT-based stablecoin, choosing to concentrate its efforts on building out its own metaverse – incorporating its own crypto-related services within it.

NFTs On Meta’s Cards

Meta recently announced that it would allow the creation and showcasing of NFTs on Instagram and launch an NFT marketplace on Facebook. These initiatives could help onboard many users onto the NFT bandwagon. The NFT play could form part of an early foray into the metaverse.

Meta CEO, Mark Zuckerberg believes that “NFTs could eventually support this world.”

Apple and Microsoft Don’t Want To Miss Out

As for tech giants Apple and Microsoft, who have also expressed interest in the metaverse, we see both CEOs expressing their support for the metaverse.

Earlier this month, Microsoft purchased Activision Blizzard for $69 billion in a push toward the metaverse. “Gaming is the most dynamic and exciting category in entertainment across all platforms today and will play a key role in the development of metaverse platforms,” said Microsoft CEO Satya Nadella after the acquisition.

Apple’s CEO Tim Cook previously expressed that the company definitely sees potential in the metaverse – which is supported by the company’s 14,000+ augmented-reality apps on its App Store through its programming interface, AR-Kit.

Cook has said that Apple’s research and development is focused on the intersection of hardware, software, and services. It seems likely that any Apple metaverse project will be a closed system, raising questions about how it would play with any other metaverse projects or digital assets.

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David is an electronic engineer with nine years of experience. He joined BeInCrypto to combine his passion for writing and his interest in fast-moving industries, cultivated from his university days. He hopes to make crypto easy to understand.

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