February 18, 2022
By Tiasha Chatterjee
The New York Stock Exchange (NYSE) has decided to step into the non-fungible tokens (NFT) market, with a plan to do for digital assets what it currently does in the stocks market. NYSE has also submitted an application to register the “NYSE” term in a marketplace for trading NFTs, thus taking a step into setting up an online place for trading cryptocurrencies and NFTs.
Here’s what we know so far:
- The NYSE was recorded saying in a regulatory filing with the US Patent and Trademark Office that it would want to take part in a financial exchange for cryptocurrencies and NFTs. This filing, which was done on Feb 10, included goals to build an NYSE-branded cryptocurrency, along with a marketplace where people can purchase, promote, and commerce NFTs.
- If NYSE does launch this new marketplace, it would compete with the likes of SuperRare, Rarible Inc., and the marketplace giant OpenSea, (valued at $13.3 billion after its latest funding round)
- However, in a recent press release, the New York Stock Exchange mentioned that it still does not have an immediate plan to establish a cryptocurrency or NFT buying and selling market. It also added that NYSE “commonly considers new merchandise and their influence on our emblems and protects our mental property rights accordingly.”
- The NYSE minted its first set of NFTs in April last year, thus memorializing the first trades of the remarkable six listings of the year, including that of Spotify Technology SA, Snowflake Inc., Unity Software Inc., and Roblox Corp.
- The filing of the exchange indicates that it has plans to enter the metaverse as well, as it wants to provide “virtual reality, augmented reality and mixed reality software”. Other than NFTs, the New York Stock Exchange was also noted to wish to build “an online marketplace for buyers, sellers, and traders of virtual and digital assets, artwork”, as it said in the U.S. Patent and Trademark Office filing, dated Feb 10.
About the author
Tiasha Chatterjee is a content writer with a great curiosity to learn about new things. Combining this curiosity with her interest in the English language, she loves to write about different subjects, including blockchain. When not writing, you’ll find her surrounded by her cats, soaking up another book.