Tech

Amex trademark filings suggest possible entry to the metaverse

03/15/2022
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Major credit card company American Express has filed trademark applications for some of its logos and designs, hinting at expanding into the metaverse.

According to applications submitted to the U.S. Patent and Trademark Office on Wednesday, American Express may be readying to provide “virtual concierge services” related to credit card transactions “in the metaverse and other virtual worlds.” The applications included trademarks 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, or NFT, marketplace.

Many companies have hinted at a foray into the metaverse following Facebook’s October 2021 announcement it would be rebranding to Meta. The social media giant said at the time it planned to create a virtual environment connecting online social experiences to the physical world.

In February, major U.S. bank JPMorgan entered the metaverse by launching a virtual lounge in the blockchain-based online world Decentraland. However other major brands including sports footwear and apparel companies Adidas and Nike have created crypto-related products and virtual shops in the metaverse, respectively. Electronics giant Samsung also launched a metaverse store in December 2021.

Related: Amex CEO hints at exploring ways to allow credit card holders to redeem points for crypto

Other credit card companies including Visa and Mastercard have slowly seemed to accept users’ demand for buying cryptocurrencies using fiat with their cards or otherwise embraced the digital asset space. Mastercard first announced plans to support cryptocurrencies in February 2021, while DeFi banking firm Scallop joined a council formed by the big four credit card firms — American Express, Discover, Visa and Mastercard — on March 7.

An American Express spokesperson said the company was following developments in the metaverse but had no plans to share at the time of publication.