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American Express ventures into NFTs and the metaverse with trademark filings

American Express ventures into NFTs and the metaverse with trademark filings
Jordan
Major
Updated: 23 May, 2022
2 mins read

In recent weeks and months, the metaverse, also known as virtual reality, has continued to pique the attention of a growing number of companies with credit card service company American Express (NYSE: AXP) the latest to jump on board.

In particular, American Express has filed 7 new trademark applications to register the company’s name, logo, and slogans, including AMEX, SHOP SMALL, and MEMBERSHIP REWARDS, indicating the multinational corporation specialized in payment card services plans to expand into the metaverse and offer branded non-fungible tokens (NFTs). 

Licensed metaverse trademark attorney Michael Kondoudis announced the news via Twitter on Tuesday, March 15, revealing that the applications were submitted to the U.S. Patent and Trademark Office on March 9, with plans to offer NFT backed multimedia, cryptocurrency services, virtual banking, and exchange services among others.

Mr. Kondoudis stated in a press release: 

“American Express is a leading financial brand, and the value attached to the brand is significant.  Clearly, American Express sees the potential of the Metaverse and is preparing its trademarks and brand for the virtual economy that will dominate it.” 

The trademark attorney added: 

“Perhaps the most interesting aspect of these applications is that they appear to signal the start of a new trend of Metaverse trademark filings from the financial services sector.” 

Metaverse trend continues

The fact that firms, businesses, and celebrities have been expanding their presence in the metaverse for some time now is noteworthy, and this is only the latest example of this rapidly rising trend.

As an example, on February 15, the New York Stock Exchange (NYSE) filed a new trademark application to register the term “NYSE” for several crypto and financial products and services. 

At the time, Kondoudis noted: 

“This filing is the latest confirmation that the metaverse is real and businesses need to plan accordingly. Businesses no longer need to wonder if it is going to happen.  It is just a matter of when <…> The NYSE is clearing taking a proactive, forward-thinking approach to ensure that it is the leading financial exchange in the metaverse.”

Finally, according to a recent analysis by Finbold, the number of NFT trademark applications in the United States climbed 421 times in 2021, a significant gain when compared to just three in 2020. 

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.