Recent reports have indicated that plans are underway by the social media giant to float its crypto exchange platform.
Accordingly, the parent company of Facebook has filed eight trademark applications featuring the Meta logo above cryptocurrency tokens, blockchain networks, currency exchanges, and other digital products.
Mike Kondoudis, a trademark lawyer with expertise in NFT and metaverse trademarks, disclosed vital information about Meta’s latest move. According to Mike, the trademark filings reflect the company’s plan to move into the metaverse and the vision it has set to achieve. Mike noted that it is clear that Meta has significant goals it wants to achieve for the virtual economy and the drive to achieve them.
Assessing the Meta Exchange Potential
Following the explosion of the metaverse in the digital asset ecosystem, NFTs benefit the most with a single piece of real estate that could be purchased for $1 billion in 2022.
Moreover, the government is working to ensure that regulations around virtual assets are given the attention they deserve. As the demand for assets and plots of land in the metaverse becomes easier to trade across social media platforms, the next step is for Meta to step in.
However, there has been a report that NFTs would likely be classified as digital financial assets subject to financial regulations in the United States. Should this happen, and Meta is ready to offer NFT transactions on its platform, it would need a trademark to safeguard its brand in this case.
In another development, Facebook founder Mark Zuckerberg recently disclosed that Instagram would play host to NFTs soon; more or less, having a trademark registration would be handy.
But other legal and regulatory barriers need to be overcome, which is as essential as trademark registration because the brand needs to be legally allowed to trade any financial assets.
At the time of writing, no official confirmation has been released by the management of Meta to signal that a move to create a crypto exchange is on the way. Still, there are indications that the plan is already in the pipeline.
The Meta exchange would be the central portal for all metaverse projects, and this would provide the platform to list popular digital coins.
Meta Moving to the Metaverse
Among the filed trademark applications submitted by Meta include new names like Meta Portal and Meta Horizon, which are meant for VR, AR, and social networking. Including the Meta name into the branding indicates that the naming is done to reflect the broader movement that the company is looking to venture beyond the Virtual Reality sphere.
Meanwhile, the previous plan by Meta to dominate the crypto industry has crumbled like a pack of cards in recent years. The stablecoin project was a failure and was quickly sold to Silvergate at the beginning of the year.
Moving Facebook to Meta appears to have brought up new legal challenges as the company is scrambling to plug all loopholes.
Can Meta make a difference in the metaverse?