The New York Stock Exchange (NYSE) has filed an application with the USPTO to use the term “NYSE” for a non-fungible token (NFT) marketplace, metaverse-focused digital media, and digital token trading platform.
Key takeaways:
- The patent application doesn’t necessarily mean that the NYSE is planning to pivot to crypto just yet. However, the exchange had launched its first-ever NFT collection last April, when it minted non-fungible digital items representing six popular tech stocks and thus showed its appreciation of the growing blockchain trend.
- It is no wonder why the exchange is eyeing the NFT and metaverse market. Earlier this week, JPMorgan revealed that the market cap of NFTs surpassed $40 billion and called opportunities in the metaverse “limitless.”
- If the NYSE were to enter the space, it would go head to head with OpenSea, the world’s largest NFT marketplace in terms of user numbers and trading volume. OpenSea raised $300 million during its latest funding round that concluded in January, which pushed the company market valuation to a whopping $13.3 billion.
- In addition to NFT use cases, the new trademark would provide a legal basis for “virtual reality, augmented reality, and mixed reality software,” which means the NYSE could become a metaverse player in the future.
