By Shelly Melancon (Switzerland)
Per multiple reports, Meta (formerly known as Facebook) might launch a crypto exchange soon. The firm’s latest filing involved applications for eight trademarks and includes filings for crypto exchange, blockchain software, and a crypto trading platform.
An Obvious Step
A famous trademark lawyer, who specializes in NFT, Mike Kondoudis, tweeted about the filings today. He further revealed that “the filings reflect the company’s intended direction. Meta is making intense plans to dominate the virtual economy.”
Meta Platforms has filed 8 trademark applications for its Logo. The applications cover:
— Mike Kondoudis (@KondoudisLaw) March 23, 2022
Crypto tokens
NFT real estate has the potential to sell for $1B this year as the popularity of the metaverse continues to soar. However, the government is now entirely focused on developing a tighter regulatory policy over the digital asset space. Regardless of the government’s best efforts, social media would still be the mainstream way to trade assets in the metaverse space.
Hence, Meta’s step in this direction is evident as it looks to integrate NFTs into its social marketplace. The only slight issue is that NFTs would be subjected to financial trading laws under the US laws since they would be considered financial assets.
Also read:Hence, the Meta team would need to ensure that the Facebook platform doesn’t contravene these laws as the Meta team integrates NFT trading on the platform. You’d recall that Meta founder, Mark Zuckerberg, recently revealed that NFT integration on Instagram would soon be a reality. Hence, Meta has been planning this move for a long time. However, Meta must be ready to cross other hurdles in making this a reality, as trademarking isn’t the only requirement to legally make this kind of integration a reality.
Planning For The Future – A Meta Exchange In View
Even though the trademark filings don’t confirm or deny that Meta is planning to launch its crypto exchange platform, the team is likely planning for it. It is no secret that Meta wants to be the leader in the metaverse space, as revealed by their and stated in their mission statement.
Hence, if Meta chooses to launch a metaverse-focused crypto exchange, it would be its next step towards genuinely dominating the metaverse space. However, Meta would need to invest hundreds of billions of dollars before it can dominate the metaverse space.
The Path To Domination
Unfortunately, they can’t buy their domination like they have done in the past, buying WhatsApp, Instagram, and others. For perspective, sandbox’s market cap alone is about $4.3b, showing that Meta needs a different approach to dominating the metaverse. That might explain why they’ve chosen to become the center for every metaverse project – a central location for metaverse transactions such as trading of digital assets and NFTs.
This exchange allows Meta to control nearly all projects in the metaverse. It might even list popular tokens like ETH and BTC as on-ramps to the metaverse. Thus, Meta suddenly becomes the soul of the metaverse space. While Meta already controls a large percentage of the social media, it is only a matter of when and not if before they seize control of the metaverse.
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