VISA Applies for NFT Trademarks, Hinting At Future Product Possibilities

New trademark applications from VISA could hint at the company's latest Web3 strategy.

VISA Applies for NFT Trademarks, Hinting At Future Product Possibilities

On October 22, VISA filed two trademark applications related to NFTs and Web3 technology with the United States Patent and Trademark Office (USPTO). One application applies for trademarks related to “providing temporary use of non-downloadable software for users to view, access, store, monitor, manage, trade, send, receive, transmit, and exchange digital currency, virtual currency, cryptocurrency, digital and blockchain assets, and non-fungible tokens (NFT)." The other application relates to “management of digital transactions; use as a digital currency wallet and storage services software; use as a cryptocurrency wallet; and managing and verifying cryptocurrency transactions using blockchain technology," while also including references to “providing virtual environments in which users can interact for recreational, leisure or entertainment purposes accessible in the virtual world.”

So looking at these combined applications, it looks like VISA is developing products related to NFTs, crypto wallets, and virtual environments in some kind of metaverse. At this point, VISA would be just the latest out of several major global brands exploring new ways to apply Web3 to their business. In August of 2021, VISA bought a CryptoPunk NFT, citing the need to better understand the relevance of NFTs to retail, social media, and commerce. Over a year after that purchase, VISA appears to be moving forward with their Web3 strategy.

While VISA has not explicitly described their plans to actually create technologies and products related to these trademarks, we can expect that they are having internal discussions about what they could be building. We previously wrote about Mastercard’s NFT project, which may be another variation on how a payments company embraces Web3 technology. Whether this is more of a PR announcement or the beginning of a revamped customer experience, we look forward to seeing how VISA’s plans develop in the near future.