American company Capital One has officially entered Web3. The company filed three trademark applications on May 31st to protect its name, slogan “What’s in your wallet?”, and boomerang logo from infringement in the metaverse.
According to Mike Kondoudis, a trademark attorney based in Washington, D.C., Capital One likely has five purposes for the trademarks after protection from infringement. Those are non-fungible tokens (NFT) and related media, metaverse banking and other financial services, metaverse travel services, metaverse business software, and virtual credit cards.
Kondoudis added that Capital One is a leading financial brand, and these trademark filings are a logical step for the company as it enters into the metaverse. They also continue a trend of financial companies filing trademarks for Web3, a trend that has gained momentum in 2022.
The three trademark applications encompass three separate classes: 9, 35, and 36.
Class 9 covers materials that are either NFTs or downloadable. The types of materials include but are not limited to mobile applications for managing bank accounts, e-commerce software that allows users to conduct electronic transactions in the metaverse, and audio or video recordings featuring memes or commercials that NFTs authenticate.
Classes 35 and 36 account for financial services in the metaverse in various situations. Some contexts include the financial sponsorship of events or travel experiences, banking services in virtual worlds, or the provision of financial information.
Given all of that, and it’s quite a lot, Capital One could be planning a big entry onto the Web3 stage.
Financial Services Companies Growing Bullish on Web3
While the news of Capital One entering Web3 is exciting, it is not the first financial company to do so. As hinted earlier, 2022 has seen a few big-time financial companies file trademarks, set up metaverse headquarters, or make predictions about Web3.
Just three months ago, American Express filed trademarks for Web3, similar to Capital One. Its seven trademark applications covered its logos like the Centurion and financial services like its Shop Small program. At the time, it said it was watching the Web3 space closely for any developments.
JP Morgan Chase, which said the metaverse could be a $1 trillion opportunity, opened a lounge in Decentraland. It named the lounge Onyx after its suite of Ethereum-based services. Like many financial organizations, JP Morgan Chase has seemingly become more bullish about Web3 as time has gone on.
Finally, there are the payment processors. VISA, which purchased a CryptoPunk in 2021, recently started a program to help artists learn about NFTs. The small cohort will take classes and even receive a stipend at the end of the course to help them with their Web3 endeavors.
Time will tell how Capital One uses its trademarks, but there is no doubt the financial services industry has become more bullish about Web3 in 2022.