Another big financial institution is heading for the metaverse. American Express, the second-largest payments processor, recently applied for seven trademark applications relating to Web3.
The content of the applications includes AMEX’s logos, such as American Express, AMEX, and the Centurion, and financial services like its Shop Small initiative and membership rewards. According to the language in the trademark applications, AMEX intends to offer services related to non-fungible tokens, cryptocurrency, virtual banking, and exchange services.
An AMEX spokesperson told Coindesk that the company is always watching new technologies to see how they could benefit existing customers. The metaverse is one of the spaces it follows. Although AMEX has no comment on the trademark applications at this time, it is watching “as the space evolves.”
The trademark applications aren’t AMEX’s first venture into the Web3 space. In the summer of 2021, the company released a series of limited edition NFTs featuring recording artist SZA, priced at $100 apiece.
AMEX Joins Other Top Institutions in Metaverse Bullishness
American Express is not the only top financial institution currently feeling the FOMO about the metaverse. In the past month, JP Morgan opened an Onyx Lounge in the Decentraland metaverse. The institution said that the metaverse could be a $1 trillion opportunity. HSBC jumped in as well with a The Sandbox metaverse partnership.
Payment processors VISA and Mastercard have also dipped their toes in. Last summer, VISA bought a CryptoPunk for around 50 ETH, adding it to its collection of financial artifacts. Mastercard has been linked to the new Coinbase marketplace, which would enable customers to pay for NFTs with credit cards.
More companies are jumping into the metaverse on the retail side, with Victoria’s Secret, McDonald’s, Walmart, and L’Oreal filing trademarks for Web3.
There’s no telling what American Express will do when its trademark applications are approved. One idea floated recently was top financial institutions opening branches in the metaverse for customers. They could then function as a form of online support and help with opening accounts, paying for bills, and disputing transactions.
Time will tell in what they ultimately decide, but there’s no doubting one thing: The metaverse concept continues to gain traction, and top companies are starting to make their plays for a slice of the pie.