This development is the latest twist in the unexpected road of the stock exchange and NFT crossovers.
The growth of the non-fungible token space has made the need for a marketplace to trade digital tokens more important. The New York Stock Exchange, yesterday, made a startling move when it filed for a trademark application with the United States Patent and Trademark Office (USPTO) to register its acronym “NYSE” for several crypto-related products and services. Interestingly, the filing by NYSE showed that the interest of the firm covers virtual reality, augmented reality software, NFT class and online marketplaces.
On a short-term note, one can easily deduce that the exchange could be looking to build its own NFT marketplace. However, on a long-term note, this move has multiple implications, including a popular suggestion that the exchange is making its ‘metaverse’ move.
A further review of the filing indicated that the exchange might be looking to provide downloadable virtual goods while also looking to build authentication of data in the field on NFTs using blockchain technology.
This development is the latest twist in the unexpected road of the NYSE and NFT crossovers. This was after the NYSE minted six commemorative NFTs last year to celebrate major tech public listings as part of a series titled “First Trade.” The series commemorated Spotify, Roblox and Coupang stocks revealing that it was only minting them for commemorative purposes.
According to a statement from the exchange, it “regularly considers new products and their impact on our trademarks and protects our intellectual property rights accordingly.” It also added that it has no immediate plans to launch a crypto asset or provide support for NFT tradings.
The New York Stock Exchange is the world’s largest stock exchange by market cap, with an average trade volume that is in hundreds of billions.
The exchange’s latest endeavors show that it has a much bigger, broader and wider interest in the burgeoning space and the blockchain industry as a whole.
Notably, a number of NFT marketplaces have been developed as they look to wrestle the control of the industry from OpenSea which has cemented itself as the leader.
Leading US-based crypto exchange Coinbase‘s development of a NFT marketplace is already in its advanced stage, while FTX NFT marketplace holds the distinction of being the only marketplace supporting both Solana and Ethereum-based NFTs.
LooksRare has also recently grown to become a fierce rival of OpenSea few weeks after it was launched. Several reports have emerged showing how the new marketplace has been eating into OpenSea’s market share.
Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.
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