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Payment processor American Express filed trademark applications to expand into metaverse

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Indrani bose Follow

INDIA

Mar, 16 2022

Mar, 16 2022

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To expand into the space of metaverse, world's second-largest payments processor American Express has filed trademark applications on the use of some of its logos and designs. On Tuesday, March 15, via Twitter Licensed metaverse trademark attorney Michael Kondoudis announced the news disclosing that on March 9 applications were submitted to the U.S. Patent and Trademark Office.

Seven new trademark applications linked to virtual services and its iconic Centurion logo were submitted by American Express. The company is investing in Web3 applications of its IP alongside peers like JP Morgan, Visa, and Mastercard.

To register the company’s name, logo, and slogans, including AMEX, shop small, and membership rewards that will indicate the multinational corporation specialized in payment card services, it plans to expand in the metaverse and offering branding in NFT  American Express filed several trademark applications. Among them were trademark applications to offer NFT backed multimedia, cryptocurrency services, virtual banking, exchange services, software for credit cards, travel, and a virtual environment for recreation and entertainment. Filings include plans to offer wallet services for digital and blockchain assets, a virtual currency exchange, and digitized and utility token trading services. American Express decided to offer virtual concierge services for credit card transactions "in the metaverse and other virtual worlds." In addition, trademark applications were filed on the use of some of its logos and branding with virtual payment cards, conducting banking services in the metaverse, and using its cards at a nonfungible token market.

Movement of other firms in metaverse and NFTs:

Last year 2021, a CryptoPunk which is a series of 10,000 pixelated avatars Visa paid 49.5 ETH that is around $165,000 conveyed through Twitter. Over many years around 60 years Visa has built a collection of historic commerce artifacts. Now, Visa welcomes CryptoPunk to the collection.” In October, in the same year, Facebook announced about rebranding to Meta.

Last summer, NFTs were introduced by American Express in a limited series of 14 collectibles featuring the recording artist SZA, each costing $100. In February JP Morgan launched a virtual lounge in the blockchain-based online world in Decentraland, Onyx Louge, calling the metaverse a "$1 trillion opportunity." Major brands like Adidas and Nike have created crypto-related products and virtual shops in the metaverse. in December 2021 Samsung also launched a metaverse store.


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Indrani bose

CBW - External Analyst

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