American Express is prepared to enter the metaverse. The pioneer in payment, like many other companies in traditional finance, aims to provide financial services within digital universes accessible through virtual reality. In addition, the company is working on virtual concierge services and a non-fungible token (NFT) trading platform.
American Express has applied for seven trademarks linked to the metaverse and NFTs.
American Express, the world’s second largest payment processor, wishes to enter the metaverse. According to specialist lawyer Michael Kondoudis on Twitter, the American firm has submitted seven trademark applications relating to digital worlds and non-fungible tokens (NFTs).
The filing requests, dated March 9, are sent to the United States Patent and Trademark Office and specifically reference numerous major products of American Express, such as the Centurion Card, a black credit card available exclusively by invitation.
The repositories also allude to the metaverse’s introduction of the Shop Small initiative. This initiative, launched by American Express, encourages you to support local businesses and restaurants by using your credit card in their facilities. Customers received a €5 discount after purchasing €20 with their Amex during the 2020 campaign.
These inquiries indicate that American Express intends to extend various aspects of its present business into the metaverse. Clearly, the firm intends to provide financial services and operate ATMs that are directly connected into digital worlds. A metaverse helping service to assist users with financial transfers has also been conceived.
Concierge services are provided In the metaverse.
The repositories also explain American Express concierge services available in the metaverse, as well as digital asset management capabilities. Clearly, the corporation is working on digital wallets that hold assets, including NFTs.
The firm’s boxes also provide a platform for swapping non-fungible tokens. As a reminder, American Express had shown interest in NFTs in the summer of 2021. The corporation has offered Amex credit card customers the opportunity to purchase digital works created by singer SZA. Customers of American Express paid $100 for each token.
It should be noted that it is not unusual for a corporation to file trademark applications connected to the metaverse without first disclosing its presence in the digital realms. These registrations, filed before the start of a project, are primarily intended to shield their marks from potential competitors.
According to American Express, the American firm is not yet ready to formalize its projects involving NFTs and the metaverse:
“American Express is always monitoring emerging technologies to see how they could benefit our customers, and the metaverse is a space we are following closely. We have no plans to share more information at this time, but we are watching this space evolve”
American Express isn’t the only conventional financial conglomerate interested in digital goods and spaces. JP Morgan just became the first bank to open a shop in the metaverse. The financial holding company shifted its focus to the virtual realm of Decentraland (MANA).
For its part, the British financial company HSBC has acquired land in The Sandbox’s metaverse. The metaverse, according to Goldman Sachs, is a potential that may create “8 trillion dollars in revenue and monetization.”