American Express wants to get into the metaverse and non-fungible tokens (NFT)

American Express is preparing its arrival in the metaverse. Following in the footsteps of many players in traditional finance, the payment means specialist wants to offer banking services within digital universes accessible in virtual reality. The company is also developing virtual concierge services and a non-fungible token (NFT) trading platform.

American Express has filed 7 trademark applications related to the metaverse and NFTs

American Express, the second largest payment processor in the world, is looking to go into the metaverse. As specialist lawyer Michael Kondoudis reports on Twitter, the US company has filed 7 trademark applications related to digital universes and non-fungible tokens (NFTs).

The March 9 filings, addressed to the United States Patent and Trademark Office, specifically list several American Express flagship products, such as the Centurion carda black credit card available by invitation only.

The deposits also evoke the arrival of the ShopSmall program in the metaverse. This program, initiated by American Express, provides support to small merchants and restaurateurs by using your credit card at their locations. During the campaign launched in 2020, customers received a €5 discount after spending €20 with their Amex.

These requests show that American Express plans to use several elements of its current offerings in the metaverse. The company clearly wants offer banking services and open ATMs directly integrated into digital universes. An emergency service in the metaverse has also been thought of to help users transfer money.

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Concierge services in the metaverse

The repositories also describe American Express concierge services accessible in the digital asset metaverse and tools. The company is clearly working on digital wallets that store assetsincluding NFTs.

A platform for exchanging non-fungible tokens is also in the company’s boxes. As a reminder, American Express had already expressed an interest in NFTs in the summer of 2021. The company had offered Amex credit card holders to digital works by singer SZA† Each token was sold for $100 to American Express customers.

Note that it is not uncommon for a company to file trademark applications related to the metaverse without announcing its arrival in the digital world. These deposits, which are made upstream of a project, are mainly intended to: protect their brands from potential competitors

As American Express explains to our colleagues at CoinDesk, the US company is not not yet ready to formalize his plans regarding NFTs and the metaverse:

“American Express is always keeping an eye on emerging technologies to see how they can benefit our customers, and the metaverse is one space we’re following closely. We don’t have any plans to share more information at this time, but we see this space evolve”

American Express isn’t the only traditional financial giant interested in digital goods and universes. Last, JP Morgan became the first bank to open a store in the metaverse. The financial holding company has turned to the virtual world of Decentralized Country (MANA)

The British banking group for its part HSBC purchased land within the metaverse of The sandpit† According to Goldman Sachs, the US investment bank, the metaverse is an opportunity that could allow letting go “$8 Trillion in Revenue and Income”

👉 On the same topic: American Express invests in a cryptocurrency platform for institutions

sources: TwitterCoinDesk

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