US Patent and Trademark Office filings dated March 9 2022 hint at how American Express may develop its footprint in the metaverse, a future vision of the Internet that could be more immersive by using virtual reality (VR) and augmented reality (AR) headsets.
Included in the filings, verified by Decrypt, are requests by American Express to secure trademarks on software for credit cards, travel, concierge services, a virtual environment for recreation and entertainment, and an NFT marketplace. Also included in the filings are plans to offer wallet services for digital and blockchain assets, a virtual currency exchange, and digitised and utility token trading services.
While some banks have been hesitant when it comes to cryptocurrency, others have engaged with blockchain-based techs. Visa, in 2021, paid 49.5 ETH (around USD 165,000 at the time) for a CryptoPunk, a series of 10,000 pixelated avatars, saying via Twitter that it welcomes the new era of NTF-commerce.
In the summer of 2021, American Express began dabbling in NFTs, offering card members a limited series of 14 NFTs featuring the recording artist SZA, each digital collectible costing USD 100. In February 2022, JP Morgan launched Onyx Louge, a virtual lounge in Decentraland, calling the metaverse a ‘USD 1 trillion opportunity.’
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