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American Express preparing to enter Metaverse and NFT

The company has applied for downloadable computer e-commerce software for users to facilitate electronic business transactions through Metaworks and other virtual modes.

American Express, a financial services major, is preparing to foray into the metaverse and non-fungible token (NFT) segments. For this the company has applied for seven trademarks. The application includes the American Express logo indicating that it may also be rendered virtual. This is American Express’s move to explore possibilities in Web 3. Web 3 is being called the next round of the Internet.

The headquarter of the company is in New York. It had applied for the trademark on March 9. American Express has yet to announce its plans for Metaworks and the NFT, but screenshot of its trademark application Twitter on is shown. Screenshots shared by American trademark attorney Mike Kondoudis revealed that the company has applied for downloadable computer e-commerce software to enable users to conduct electronic business transactions via Metaworks and other virtual methods. .

This company was started in 1850. It also plans to provide an online marketplace for buyers and sellers of NFTs containing text and graphic content. Decrypt’s report states that the company’s plans related to the Metaverse also include credit cards, software for services like travel and virtual environment for entertainment. In recent times, some of the biggest companies in the international finance industry have planned to venture into Web 3.

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These companies include Visa, JP Morgan and Mastercard. They have established their presence in the crypto and metaverse segment. According to an estimate, by 2024, the market of Metaverse can reach around $ 800 billion (about Rs 59,58,719 crore). Last year, the sales of NFTs were about $ 25 billion (about Rs 1,84,700 crore). However, American Express may have to wait several months for approval for Web 3. The US Patent and Trademark Office takes approximately 10 months to review an application. Apart from finance, companies related to entertainment and some other industries are also preparing to enter this segment. 

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