Capital One Enters Web3 with Metaverse Trademark Filings
Capital One Financial Corp. has made its Web3 debut. On May 31st, the firm filed three trademark applications with the United States Patent and Trademark Office (USPTO) to protect its name, slogan, and boomerang logo from infringement in the metaverse.
Besides infringement protection, Capital One's trademarks are expected to serve five purposes, according to Mike Kondoudis, a trademark attorney in Washington, D.C. Non-fungible tokens (NFT) and related media, metaverse banking and other financial services, metaverse travel services, metaverse business software, and virtual credit cards are all examples of these services.
"Capital One is a leading financial brand, and the value attached to the brand is significant," said Kondoudis. "These filings are the next logical step to protect the Capital One brand as it enters the Metaverse."
The three trademark applications are divided into three categories: 9, 35, and 36.
Materials in Class 9 are either NFTs or downloadable. Mobile applications for managing bank accounts, e-commerce software that lets users make electronic transactions in the metaverse, and audio or video recordings including memes or commercials that NFTs authenticate are examples of the sorts of content.
Financial services in the metaverse are accounted for in Classes 35 and 36 in a variety of settings. Financial sponsorship of events or vacation experiences, banking services in virtual worlds, and financial information supply are only a few examples.
"Clearly, Capital One sees the potential of the Metaverse and is preparing its trademarks and brand for the virtual economy that will dominate it," added Kondoudis. "It is a safe bet that Capital One expects to be a major player in that virtual economy."
While Capital One's entry into Web3 is exciting, it isn't the first financial institution to do so. As previously reported, a few major financial institutions have filed trademarks, established metaverse offices, or made projections regarding Web3 in 2022.
American Express, like Capital One, filed trademarks for Web3 just three months ago. It registered seven trademark applications that covered its logos, like the Centurion, as well as financial services, including its Shop Small program. It claimed at the time that it was keeping a close eye on the Web3 sector for potential advances.