NYSE Files Trademark Application for Its Own NFT Marketplace

7 months, 2 weeks ago - February 16, 2022
New York Stock Exchange
New York Stock Exchange
The move comes after the NYSE minted six NFTs last year commemorating the debut of hot tech stocks on the exchange.

The New York Stock Exchange (NYSE) has filed an application with the U.S. Patent and Trademark Office (USPTO) to provide an online marketplace for various digital goods including non-fungible tokens (NFT), cryptocurrencies, digital media and artwork.

  • If the exchange follows up with these plans, it would be competing with the likes of OpenSea and Rarible.
  • In April, the NYSE minted its first set of NFTs with homages to six hot tech stocks that debuted on the world’s largest bourse, including Spotify, Roblox and Coupang. At the time, the exchange said it wasn’t selling the NFTs, only minting them, apparently for commemorative purposes.
  • With this latest trademark filing, it’s become clear the NYSE may have much more ambitious plans for NFTs.

If the NYSE launches a new marketplace, it would compete with SuperRare, Rarible and NFT markeplace giant OpenSea, which was valued at $13.3 billion after its latest funding round.

NFTs, however, have left many baffled as to why so much money is spent on items that do not physically exist. Some also believe the industry is saturated by scammers and too often rewards viral art of low quality.

The NYSE minted its first set of NFTs in April last year, commemorating the first trades of six "notable" listings.

The exchange's filing indicates it could enter into the metaverse too, as it seeks to provide "virtual reality, augmented reality and mixed reality software".

Metaverse refers to shared, immersive digital environments which can be accessed via virtual reality or augmented reality headsets or computer screens.

Besides NFTs, the exchange would also provide "an online marketplace for buyers, sellers and traders of virtual and digital assets, artwork", it said in a filing with the U.S. Patent and Trademark Office dated Feb. 10.

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