The premier credit card company, American Express, just filed a couple of trademark applications for its logos insinuating the company’s foray into the world non-fungible tokens (NFT) and Metaverse.
The burgeoning world of cryptocurrencies has attracted global conglomerates to join the bandwagon of NFTs and Metaverse. Recently, banking giant, JP Morgan, became the first bank to enter the metaverse, opening a lounge in the popular blockchain-based world, Decentraland.
Multi-billion dollar companies around the globe have already set sail in the waters of Web3. 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.
American Express’s Step In The World Of Web3
According to the recent trademark filings with the U.S. Patent and Trademark Office, American Express may be gearing to launch a downloadable computer software for facilitating the transfer of virtual payment card to an electronic wallet allowing business transactions in the metaverse and other virtual worlds. It will also allow the transfer of digital media like non-fungible tokens (NFT) featuring textual and graphic content.
As per the filings, American Express will allow the provision of an online marketplace for buyers and sellers of digital artworks and virtual collectibles. Additionally, the new application also suggested other features including- issuing and processing payment of virtual prepaid cards, virtual stored value cards and virtual payment cards in the metaverse.
Some of the other features that have been listed include, virtual currency exchange and electronic transfer of money in the metaverse.
Global Conglomerates Set The Stage For Web3 Technology
Financial services behemoth, Visa, recently announced in its recent earnings call, that its crypto-linked card usage hit $2.5 billion in volume in the first fiscal quarter of 2022. In another news, according to a hiring post on the official website of Visa, the company is inviting undergraduate students to apply for its crypto development program as the company continues to build out its internal crypto talent.
Last month, leading global payments & technology company, Mastercard, signed an agreement with major cryptocurrency exchange, Coinbase, to allow consumers use Mastercard credit and debit cards to make purchases on the crypto exchange’s upcoming NFT marketplace.
In December 2021, Corporate finance accounting services firm, PwC Hong Kong unit, purchased a digital plot of LAND in the decentralized, community-driven virtual world, The Sandbox metaverse. Earlier in the same month, aviation industry leader, Boeing, announced that it wants to build airplanes for a metaverse platform.
