The multinational corporation specializing in payment card services, American Express (Amex), has recently filed seven Trademark Applications linked to virtual services and some of its iconic designs and logos, hinting at a possible entry into the metaverse. This move suggests that the major credit company is looking forward to joining its financial peers Visa, J.P. Morgan, and Mastercard in exploring the Web3 applications of its Intellectual Property (IP) assets.
As per the Trademark Filings submitted with the US Patent and Trademark Office (USPTO), the world’s second-largest payments processor, Amex, may be preparing to offer virtual concierge services concerning credit card transactions in the metaverse and other virtual worlds. The trademark applications filed include proposed trademarks for using some of Amex’s branding and logos with virtual payment cards, performing banking services in the metaverse, and utilizing its cards in an NFT (Non-Fungible Token) marketplace.
Many companies and firms across the globe have hinted at expanding into the metaverse following Facebook’s announcement last year in October concerning its rebranding to Meta. The social media giant at that time said that with Meta, it plans to create a virtual environment for connecting online social media experiences to the outside physical world.
While some well-known banks have been hesitant when it comes to cryptocurrency, many others have been engaging well with blockchain-based technologies.
Earlier this year in February, the American multinational financial and investment services bank, J.P. Morgan, entered the metaverse with the launch of a virtual lounge in Decentraland, a blockchain-based 3D virtual world. Even major sports apparel and footwear companies, including Nike and Adidas, have created virtual shops and crypto-related products, respectively, in the metaverse. Also, in December last year, the South Korean multinational electronics corporation, Samsung, launched a metaverse store.
Other major credit card companies such as Mastercard and Visa have slowly begun to accept the demand of their users for buying cryptocurrencies using fiat with their cards or else embraced the digital asset space. Mastercard first announced its plans last year in February to support cryptocurrencies, while the decentralized finance (DeFi) banking firm, Scallop, on 7th March joined a council formed by the big four credit card firms, including Discover, American Express, Mastercard, and Visa.
An Amex spokesperson said in a recent statement delivered that the company was following developments in the metaverse but had no plans to share the same during publication. For more visit: https://www.trademarkmaldives.com
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