The New York Stock Exchange has filed an application to register the term “NYSE” for a marketplace for non-fungible tokens (NFTs), bringing one step closer to establishing an online trading place for cryptocurrencies and NFTs.
The hype surrounding cryptocurrencies last year spilled over into NFTs, a form of speculative investment that has attracted fans including former US first lady Melania Trump and Jamaican sprint great Usain Bolt.
Companies operating in this sector are also backed by heavyweights Microsoft Corp and SoftBank Group Corp.
If the NYSE launches a new marketplace, it would compete with SuperRare, Rarible and NFT marketplace giant OpenSea, which was valued at $13.3 billion after its latest funding round.
However, a spokesperson for the NYSE said it has no immediate plans to launch cryptocurrency or NFT trading.
“(The NYSE) regularly considers new products and their impact on our trademarks and protects our intellectual property rights accordingly,” the spokesperson added.
NFTs have left many baffled as to why so much money is spent on items that do not physically exist. Some also believe that the industry is saturated with scammers and too often rewards low-quality viral art.
The NYSE minted its first set of NFTs last April, commemorating the first trades of six “notable” lists.
The exchange’s submission hints that it could also enter the metaverse, as it aims to provide “virtual reality, augmented reality, and mixed reality software.”
Metaverse refers to shared, immersive digital environments that can be accessed through virtual reality or augmented reality headsets or computer screens.
In addition to NFTs, the exchange would also provide “an online marketplace for buyers, sellers and traders of virtual and digital assets, works of art,” it said in a Feb. 10 filing with the US Patent and Trademark Office.
(Except for the headline, this story has not been edited by DailyExpertNews staff and has been published from a syndicated feed.)