One of the world’s biggest payments processing companies, American Express, has ventured into Web3 applications for its IP. The company has filed a total of seven trademark applications for the Metaverse, credit cards, travel, concierge services, virtual spaces for recreation and entertainment, NFT logos, and a new NFT phrase trademark. According to a recent blog post, the applications were filed on March 9th this year with the US Patent and Trademark Office (USPTO). American Express said that the filings aligned with its plans to support customers in the digital world. The company’s Metaverse and NFT applications were filed under special classes covering a wide range of business and financial services.
The Metaverse is a fictional universe created by Neal Stephenson in his 1992 science fiction novel Snow Crash. In the novel, the Metaverse is a virtual reality world where avatars can interact with each other. The term has been used in subsequent works of fiction and has been adopted by the tech industry to describe a future version of the internet where people can interact in a virtual world. The company’s filings come at a time when the Metaverse is gaining mainstream adoption. Recently, a few companies have declared their interests in the Metaverse project. The company is also working on several other Metaverse-related projects.
It is unclear what American Express plans to do with the Metaverse and NFT logos. The company could use them for various purposes, including branding its products and services in the Metaverse or using them for marketing purposes. With the rise in popularity of the blockchain and cryptocurrency technologies.American Express appears to be taking a keen interest in the development of blockchain technology. The company has been working on a number of blockchain and cryptocurrency projects in recent years. NFTs, on the other hand, are digital assets that are stored on a blockchain. They are unique and cannot be replicated. NFTs can represent various things, such as digital art, collectibles, and in-game items. American Express’ filings suggest that the company is interested in using NFTs for various purposes.
These fillings were verified by Decrypt and included plans for digital wallets virtual transactions, among many others. The adoption of cryptocurrency has met its fair share of criticism, but with the recent halving event, it seems that interest has been rekindled. These applications from American Express show that even the older, more traditional companies are taking note of the potential applications of blockchain technology. Well-established firms such as Visa and JP Morgan are also working in the cryptocurrency sphere.
It is expected that NFT and the crypto industry will proliferate in the coming years. With the support of big companies like American Express, the industry is expected to reach new heights. Cryptocurrencies and blockchain technologies offer many utilities, including a decentralized payment system, a transaction platform, and a store of value. The ability to store and transfer value digitally and anonymously has made crypto a hit among users and investors.