Visa Submits Metaverse and NFT Trademarks

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  • Visa has filed trademark applications showing its intentions to explore the metaverse and NFTs
  • The payments heavyweight also intends to offer crypto trading and wallet services
  • Visa’s filings resembled those previously filed by American Express and other leading financial institutions

Payments heavyweight Visa has expressed its intentions to explore the metaverse and NFTs through a recent trademark filings. The applications also show Visa’s interest in providing virtual currency trading and wallet services among other services revolving around blockchain technology. Visa joins American Express and other leading financial firms continually showing an appetite for the virtual world.

Recreational or Leisure, Not Money

In the filing with the U.S Patents Office (USPTO), the documents disclosed that the payments firm is interested in providing recreational, “leisure or entertainment” services in the metaverse, which is a huge deviation from its core business. The payments giant also wants to diverge into offering an NFT series together with other “virtual goods” only available over the internet.

Divided into two applications, the filings indicate that Visa is eyeing other services such as crypto trading and storage, which Visa is only interested in “providing temporary use.” Speaking to Coindesk via a spokesperson, Visa said that the applications are part of the company’s tradition to “continually” engage with technologies that can usher in the next revolution in payments and help more people access financial services.

A Patent Doesn’t Equate to New Products

The spokesperson however noted that not everything included in patents “results in new products.” Visa’s interest in the metaverse and NFTs comes roughly seven months after American Express, another financial giant, filed patents with USPTO showing interest in exploring the metaverse.

In February, the New York Stock Exchange also made a trademark application centred around an NFT marketplace.

The chances of Visa actualizing its metaverse and NFT exploration plans are somewhat high considering that it launched an NFT artist support program in 2021 and has first hand experience with NFTs having bought a CryptoPunk last year.