NYSE steps closer to NFT trading with trademark request

The New York Stock Exchange has filed for registration of the term “NYSE” for a non-fungible token (NFT) marketplace, one step closer to creating an online trading venue for cryptocurrencies and NFTs .

The hype around cryptocurrencies last year spilled over to NFTs, a form of speculative investing that attracted fans including former US first lady Melania Trump and Jamaican sprint great Usain Bolt.

Companies involved in this sector have also been backed by heavyweights Microsoft Corp and SoftBank Group Corp.

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

However, a NYSE spokesperson said it has no immediate plans to launch cryptocurrency or NFT trading.

“(The NYSE) regularly reviews new products and their impact on our brands and protects our intellectual property rights accordingly,” the spokesperson added.

NFTs have left many perplexed as to why so much money is spent on items that don’t physically exist. Some also believe that the industry is saturated with scammers and too often rewards poor quality viral art.

The NYSE hit its first round of NFTs in April last year, commemorating the first trades of six “notable” listings.

The exchange’s filing says it could also enter the metaverse, as it seeks to provide “virtual reality, augmented reality, and mixed reality software.”

The metaverse refers to shared and immersive digital environments accessed through 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, works of art,” he said in a filing with the United States Patent and Trademark Office dated February 10.