The New York Stock Exchange is entering into the non-fungible token market. It plans to do for digital assets what it does for stocks.
The world’s largest stock exchange filed a trademark application on February 10 to register the name “NYSE” for a variety of crypto products, including NFTs. The products specified include augmented reality and virtual reality software, nonfungible tokens (NFTs) and online marketplaces.
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According to the application, the NYSE would be able to offer “downloadable virtual goods” for NFTs and digital collectables, as well as “authentication of data in the field on NFTs using blockchain technology”. In April 2021, the exchange minted its first six NYSE NFTs to commemorate significant initial public offerings (IPOs) such as Spotify Technology SA, Snowflake Inc, Unity Software Inc, DoorDash and Roblox Corp.
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The NYSE said it wants to be a financial exchange for cryptocurrencies and NFTs that would compete with the likes of OpenSea and Rarible Inc. A regulatory filing with the US Patent and Trademark Office on February 10 indicated plans for an NYSE-branded cryptocurrency and a marketplace to buy, sell and trade NFTs, reported Bloomberg.
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NYSE has no immediate plans to launch cryptocurrency or NFT trading but “regularly considers new products and their impact on our trademarks and protects our intellectual property rights accordingly,” it said in a statement.
On its official website, NYSE stated that there are “many more NYSE NFTs to come as we continue to welcome new, innovative companies to our community”. This application indicates possibilities of an NFT marketplace for buyers, sellers and traders of “digital asset, artwork, collectables and non-fungible tokens.
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A section comprising details on “cryptocurrency trading services” would facilitate the “financial exchange of virtual currency”. Moreover, both downloadable and non-downloadable virtual reality and augmented reality, along with API or application programming interface, are included in the application.
The New York Stock Exchange and several other companies have filed a trademark application to protect their brands and manifest their exploration into blockchain and NFTs.
