The New York Stock Exchange (NYSE) might be willing to run an NFT marketplace, as per its recent filing.
The New York Stock Exchange (NYSE) has implied that it may enter the cryptocurrency and non-fungible token (NFT) markets.
The NYSE has submitted a trademark application with the United States Patent and Trademark Office 6 days ago in order to initiate an “online marketplace for buyers, sellers, and traders of downloadable digital goods authenticated by non-fungible tokens (NFTs).” The filing also lists “digital collectibles,” “cryptocurrencies,” and “digital art” as potential commercial opportunities.
NFTs have surged in recognition and widespread use during the last year. NFTs in 2021 were traded for over $25 billion, with a substantial portion of that coming from collectible character ventures like Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Art Blocks, among others.
Currently, it seems that the NYSE is filing the necessary trademarks so that it can participate in the rapidly expanding NFT market. The NYSE NFT marketplace will contend with major players in the crypto and NFT market, such as OpenSea, LooksRare, Rarible, and others, should it get approved.
The New York Stock Exchange has expressed curiosity about the NFT industry. The exchange issued six NFTs in April of last year on Crypto.com’s NFT exchange to commemorate important tech stock offerings such as Spotify, Snowflake, and Unity, among many.
NYSE spoke with Bloomberg in regards to this development, stating that plans to provide NFT-focused trading services to users are still far ahead, regardless of the trademark filing. Additionally, the NYSE confirmed that it “regularly considers new products and their impact on our trademarks and protects our intellectual property rights accordingly.”
The parent company of the NYSE, Intercontinental Exchange, already operates Bakkt, a crypto exchange platform. Since its inception in October 2021, the exchange has had numerous regulatory challenges, culminating in its stock losing 90% of its value.
The New York Stock Exchange (NYSE) is the world’s largest stock exchange considering the companies listed and the market cap.