The New York Stock Exchange Indicates A Continuation Of Its Efforts To Establish An NFT Marketplace
The New York Stock Exchange (NYSE) surprised many this week with an intriguing and unusual trademark registration that signals the exchange’s intention to develop its own NFT marketplace.
The NYSE has filed a patent with the United States Patent and Trademark Office (USPTO), indicating that the exchange is preparing to enter the metaverse for the first time. Consider what we know so far from early reports and what it could entail going ahead.
According to the USPTO filing, the New York Stock Exchange is registering “NYSE” for the purpose of utilising a variety of blockchain and crypto-related goods and services, including “virtual reality and augmented reality software, non-fungible tokens and/or non-fungible tokens, and online marketplaces.”
According to rumours, the exchange may be developing “downloadable virtual commodities” and “field authentication of data on NFTs utilising blockchain technology.”
It’s the latest kink in the unexpected route of stock exchange and NFT crossovers, which began last year with the NYSE’s issuance of six commemorative NFTs commemorating significant public listings as part of a series dubbed “First Trade.”
The Present “State” Of Things
The New York Stock Exchange is the world’s biggest stock exchange in terms of market capitalization, with daily trading volumes often in the hundreds of billions of dollars.
Unlike last April’s NFT announcement, this current venture from the NYSE indicates a far larger and more substantial involvement in the blockchain space; although specifics are still sketchy, it seems that the exchange will be establishing a fully functional NFT marketplace. It comes at a time when industry leader OpenSea’s rivalry has become more heated. Coinbase seems to be weeks away from launching its NFT marketplace, and rising marketplace LooksRare has been cited more often in recent weeks (despite a tough week in the press this week) – and these are just two of the numerous names mentioned.
Additionally, the trademark application covers APIs and “cryptocurrency trading services.” Could this be the first clue that the NYSE is considering expanding its support for cryptocurrency trading? With just a smattering of US legislation in place too far, the region may easily be classified as a ‘grey area’ for the exchange – but innovation is not known to be patient. While the term’metaverse’ has been the “flavour of the month” recently, the fact that the New York Stock Exchange is leveraging blockchain APIs for stock monitoring and embracing NFTs on a much larger scale is nothing to laugh at.