The New York Stock Exchange has applied to register the term “NYSE” for a marketplace for NFTs (non-fungible tokens), bringing the company one step closer to establishing an online trading platform for cryptocurrencies and NFTs.
Last year, the excitement surrounding cryptocurrencies spilled over to NFTs, a type of hypothetical investment that has drawn supporters such as former US first lady Melania Trump and sprinter Usain Bolt – Jamaican sprinter.
Companies in this sector have also received backing from industry titans Microsoft Corp and SoftBank Group Corp.
In the case of NYSE setting up a new marketplace, it will be contending with SuperRare, Rarible, and NFT marketplace behemoth OpenSea, which was valued at $13.3 billion following its most recent funding round.
However, an NYSE spokesperson stated that the exchange has no immediate plans of launching cryptocurrency or NFT trading.
The spokesperson continued that the NYSE is scrutinizing new products and their effects on our trademarks regularly thereby protecting our intellectual property rights appropriately.
NFTs are leaving many people perplexed thinking of the reason for spending huge amounts of money on items that don’t even exist physically. Some also believe that the industry is overloaded with scammers and that low-quality viral art is frequently rewarded.
The NYSE minted its preliminary set of NFTs in April last year, memorializing the first trades of six noteworthy listings.
According to the exchange’s filing, it may also enter the metaverse, as it seeks to come up with virtual reality (VR), augmented reality (AR), and mixed reality software.
The term “metaverse” refers to shared, immersive digital environments accessible through virtual or augmented reality headsets or computer screens.
In addition to NFTs, the exchange would also be providing an online forum for buyers, sellers, and merchants of virtual and digital assets, artwork, according to a February 10 filing with the US Patent and Trademark Office.
