Global banking giant HSBC is expanding into the NFT and metaverse sectors.
The company filed two trademark applications with the United States Patent and Trademark Office (USPTO) in June 2023. The applications cover the metaverse and non-fungible tokens (NFTs), and they signal HSBC’s strategic move into these burgeoning digital domains.
The applications reveal that HSBC plans to offer a variety of products and services in the metaverse, including:
- Secure electronic payment transactions
- Software applications for identity verification and fraud prevention
- Banking and electronic business transactions
- Downloadable virtual products, such as software programs featuring bank cards, check cards, credit cards, and debit cards
- An online marketplace to facilitate the trading of NFTs, digital goods, and media
HSBC’s recent moves are not its first foray into the NFT and metaverse sectors. The banking institution previously filed two trademark applications related to NFTs and the metaverse with the USPTO on December 15, 2022.
Those applications outlined HSBC’s plans to offer a variety of products and services in the metaverse, including the sending, receiving, converting, and storing of digital collectibles. The trademark applications also encompassed facilitating secure electronic payment transactions in the metaverse.
HSBC’s latest moves are indicative of the growing interest in NFTs and the metaverse among financial services institutions. Other financial institutions making similar strides include JP Morgan Chase, which filed a related trademark application in October 2022, and fintech firms such as Visa, PayPal, and Western Union.
The move into the metaverse is a strategic one for HSBC. The metaverse is a rapidly growing digital world that is expected to have a significant impact on the way we live and work. By investing in the metaverse, HSBC is positioning itself to be a leader in this emerging space.
The move into NFTs is also a strategic one for HSBC. NFTs are digital assets that are unique and cannot be replicated. They are becoming increasingly popular as a way to represent ownership of digital goods, such as art, music, and collectibles. By investing in NFTs, HSBC is positioning itself to be a leader in this emerging market.
HSBC’s move into the metaverse and NFTs is a sign of the growing acceptance of these technologies by the mainstream financial industry. It is likely that we will see more and more financial institutions invest in these areas in the years to come.
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