New York Stock Exchange hints at NFT Trading in latest filing
Key points to remember
- The New York Stock Exchange has filed a trademark application with the United States Patent and Trademark Office.
- The document reveals that the exchange may one day operate an exchange for NFT trading.
- The NYSE said it has no near-term plans to offer customers an NFT-focused trading service.
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The New York Stock Exchange may be interested in operating an NFT market.
NYSE reveals interest in NFTs
The New York Stock Exchange has signaled that it may venture into the world of cryptocurrencies and non-fungible tokens.
A Deposit mark dated February 10 filed by the NYSE with the U.S. Patent and Trademark Office reveals that the exchange seeks to provide an “online marketplace for buyers, sellers and traders of downloadable digital goods authenticated by non-fungible tokens (NFT)”. The document also refers to potential business deals around “digital collectibles,” “cryptocurrencies,” and “digital art.”
Over the past year, NFTs have exploded in popularity and mainstream adoption. More … than $25 billion of NFTs were traded in 2021, much of which came from collectible avatar projects like Bored Ape Yacht Club and digital art collections like Art Blocks.
Now, it looks like the NYSE is registering the right brands to enter the rapidly growing NFT space. If and when it goes live, the NYSE-branded NFT marketplace will compete with dominant players in the niche, including OpenSeaLooks Rare, Rare and others.
Moreover, this is not the first time that the NYSE has taken an interest in NFTs. In April last year, the exchange hit six NFTs on Crypto.com’s NFT trading platform commemorating notable lists of tech stocks including Spotify, Snowflake, Unity, DoorDash, Roblox, and Coupang.
In a statement shared with Bloomberg, the NYSE said that despite its trademark application, the exchange has no near-term plans to offer clients an NFT-focused trading service. He added that he “regularly reviews new products and their impact on our brands and protects our intellectual property rights accordingly.”
Notably, the NYSE’s parent company, Intercontinental Exchange, already runs a cryptocurrency exchange called Bakkt. The exchange faced several regulatory hurdles, which caused its stock 90% loss of its value since its debut in October 2021.
The NYSE is currently the largest stock exchange in the world by market capitalization of all its listed companies.
Disclosure: At the time of writing this article, the author owned ETH and several other cryptocurrencies.
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