The NYSE filed an unusual and unique trademark application this week indicating its intention to develop its own NFT platform.
The NYSE has filed a patent with the US Patent and Trademark Office, indicating its first ‘metaverse’ action. Let’s take a look at what we know so far and what it could signify in the future.
New York, New York
According to the USPTO filing, the NYSE registers innumerable unique blockchain and crypto-related products and services. They will covervVirtual reality and augmented reality software, non-fungible tokens and/or NFTs, and online marketplaces.
According to rumours, the exchange may be considering offering downloadable virtual items. It could be aiming to use blockchain technology to develop an authentication system for data in the field on NFTs.
The NYSE produced six commemorative NFTs last year, recognizing major public listings as part of a series named “First Trade.”
Digital mementos of companies’ public debuts are First Trade.
Market Cap’s Current Situation
By market capitalization, the New York Stock Exchange is the world’s largest stock exchange. Its daily trade volumes are within the hundreds of billions of dollars.
The NYSE published six commemorative NFTs last year, marking big public listings. While specifics are still scarce, it appears that the exchange will launch a full-fledged NFT market.
It comes amid when OpenSea, the industry leader, is getting increasingly competitive. Coinbase’s NFT marketplace is still weeks away, according to reports. Despite a bad week in the headlines this week, they highlighted LooksRare more regularly in recent weeks.
Furthermore, they included APIs and “cryptocurrency trading services” in the trademark application.
Is this a sign that the NYSE will soon accept crypto trading on a grander scale? With only a few pieces of US legislation in place, the exchange is now in a “grey area” – but innovation doesn’t wait.
While the phrase “metaverse” has lately become trendy, the NYSE’s usage of blockchain APIs for stock tracking, or the broader acceptance of NFTs, is nothing to scoff at.