The metaverse, commonly known as virtual reality, has continued to capture the interest of a rising number of organizations in recent weeks and months, with credit card service major American Express (NYSE: AXP) the most recent to hop on board.
American Express, in particular, has filed seven new trademark applications to register the company’s name, logo, and slogans, including AMEX, SHOP SMALL, and MEMBERSHIP REWARDS, indicating that the multinational corporation specializing in payment card services intends to expand into the metaverse and offer branded non-fungible tokens (NFTs).
Michael Kondoudis, a licensed metaverse trademark attorney, announced the news on Twitter on Tuesday, March 15, revealing that the applications were submitted to the US Patent and Trademark Office on March 9, with plans to offer NFT-backed multimedia, cryptocurrency services, virtual banking, and exchange services, among other things.
In a news release, Mr. Kondoudis stated:
“American Express is a leading financial brand, and the brand’s value is enormous.” American Express clearly sees the Metaverse’s promise and is preparing its trademarks and brand for the virtual economy that will dominate it.”
In addition, the trademark counsel stated:
“Perhaps the most intriguing feature of these applications is that they look to be the beginning of a new trend of Metaverse trademark registrations from the financial services sector.”
The metaverse trend is continuing.
Firms, corporations, and celebrities have been expanding their presence in the metaverse for some time now, and this is only the most recent example of this quickly growing trend.
For example, the New York Stock Exchange (NYSE) filed a new trademark application on February 15 to register the name “NYSE” for many crypto and financial products and services.
Kondoudis noted at the time:
“This file is the most recent indication that the metaverse exists, and businesses should plan accordingly.” Businesses no longer have to wonder if it will happen. It is simply a matter of when…> The NYSE is pursuing a proactive, forward-thinking approach to ensure its position as the main financial exchange in the metaverse.”
Finally, according to a recent analysis, the number of NFT trademark applications in the United States increased 421 times in 2021, a huge increase from only three in 2020.