The New York Stock Exchange has applied to register the word “NYSE” for a non-fungible tokens (NFTs) marketplace, moving one step closer to establishing an online trading platform for cryptocurrencies and NFTs. Last year, the craze for cryptocurrencies spread to NFTs, a type of speculative investment that has attracted celebrities such as former US first lady Melania Trump and Jamaican sprinter Usain Bolt.
Heavyweights Microsoft Corp (MSFT.O) and SoftBank Group Corp have also sponsored companies in this industry. The NYSE would compete with SuperRare, Rarible, and NFT marketplace behemoth OpenSea, which was valued at $13.3 billion following its most recent fundraising round.
NFTs, on the other hand, has left many people perplexed as to why so much money is spent on products that do not exist. Some further claim that the market is overrun with con artists who reward low-quality viral art. In April of last year, the NYSE issued its inaugural batch of NFTs, recognizing the first transactions of six “notable” listings.
According to the exchange’s registration, it intends to supply “virtual reality, augmented reality, and mixed reality software,” which might include the metaverse. The term “metaverse” refers to a collection of shared, immersive digital worlds that may be accessed through virtual reality or augmented reality headsets or computer screens.
In an application with the US Patent and Trademark Office dated Feb. 10, the exchange stated that it will provide “an online platform for buyers, dealers, and traders of virtual and digital assets, artwork,” in addition to NFTs.
The New York Stock Exchange is following in the footsteps of a number of other prominent organizations that have submitted trademark applications to protect their names as well as to signal their interest in blockchain and NFTs. McDonald’s recently applied for a trademark to build restaurants in the metaverse.
Disney has received approval for a patent for interactive attractions for theme park guests.