American Express Ventures into NFTs and the Metaverse

American Express has followed the lead of payments peers Visa and Mastercard in exploring Web3 applications and planting its digital footprint in the metaverse.

The world’s second-largest payments processor has filed seven trademark applications with the US Patent and Trademark Office, each linking its distinctive Centurion logo to virtual services.

Included in the filings are requests by American Express to:

• secure trademarks on software for credit cards, travel and concierge services;
• create a virtual environment for recreation and entertainment;
• establish an NFT marketplace;
• offer wallet services for digital and blockchain assets;
• set up a virtual currency exchange, and
• provide digitised and utility token trading services.

American Express is also considering providing card payments, ATM services, other banking services and a fraud detection system to customers in the metaverse. “[We’re] always monitoring emerging technologies to see how they could benefit our customers, and the metaverse is a space we’re following closely,” an AmEx spokesperson told Business Insider this week.

Metaverse Could Generate ‘Up To $8 Trillion’

The metaverse holds a deep attraction for major financial firms, with Wall Street predicting it could be worth trillions of dollars – up to US$8 trillion, according to Goldman Sachs strategists, though JPMorgan more conservatively estimates it could generate up to US$1 trillion in annual revenue.

While some major banks have been hesitant when it comes to cryptocurrency, others – including Australia’s Commonwealth Bank – have engaged with blockchain-based technologies.

Last year, American Express began dabbling in NFTs, offering card members a limited series of 14 non-fungible tokens featuring the recording artist SZA, each costing US$100.