The New York Stock Exchange has filed an application to register the term
"NYSE" for a marketplace for non-fungible tokens (NFTs), taking a
step closer to setting up an online trading place for cryptocurrencies and
NFTs.
The hype around cryptocurrencies last year spilled over to NFTs, a form
of speculative investment that has attracted fans including former U.S. first
lady Melania Trump and Jamaican sprint great Usain Bolt.
Companies involved in this sector have also been backed by heavyweights
Microsoft Corp and SoftBank Group Corp
If the NYSE launches a new marketplace, it would compete with SuperRare,
Rarible and NFT markeplace 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 the industry is saturated by
scammers and too often rewards viral art of low quality. The NYSE minted its
first set of NFTs in April last year, commemorating the first trades of six
"notable" listings.
The exchange's filing indicates it could enter into the metaverse too, as
it seeks to provide "virtual reality, augmented reality and mixed reality
software".
Metaverse refers to shared, immersive digital environments which can be
accessed via virtual reality or augmented reality headsets or computer screens.
Besides NFTs, the exchange would also provide "an online marketplace
for buyers, sellers and traders of virtual and digital assets, artwork",
it said in a filing with the U.S. Patent and Trademark Office dated
Feb. 10.
