The world’s largest bourse, the New York Stock Exchange (NYSE), seems to be stepping into the world of NFTs, having filed an application on February 10 with the US Patent and Trademark Office to become a financial exchange for cryptos and NFTs.
LooksRare Looks Over Its Shoulder
It would seem the NYSE plans to do for digital assets what it does for stocks. On February 10, the exchange completed its regulatory filing in which it stated that it wants to be a financial exchange for cryptos and NFTs to compete with the likes of OpenSea and Rarible. It would also mean competition for the newest marketplace of them all – LooksRare, which only launched in January but has already generated over US$2 billion in sales.
The filing also indicates plans for an NYSE-branded cryptocurrency and marketplace, where users can buy, sell and trade NFTs. However, the NYSE has said in a statement it has no immediate plans to launch crypto or NFT trading, but “regularly considers new products and their impact on our trademarks and protects our intellectual property rights accordingly”.
The patent application includes the NYSE’s intention to provide “an online marketplace for buyers, sellers, and traders of downloadable digital goods authenticated by NFTs”. The filing also outlines the launch of “virtual stores” and “showrooms”.
Could This Be a Token Move by the NYSE?
Interestingly, a clause within the application outlines the provision of “a digital currency and digital token for use by members of an online community”, as well as the “issuance of [a] digital token” and “non-fungible token of value”.
While the language remains unclear as to whether this means the NYSE will launch a native token, it certainly seems to be taking a step in the right direction. Some are even suggesting that the NYSE could become the world’s biggest crypto and NFT marketplace:
The NYSE Not New to NFTs
The patent filing is not the exchange’s first move into the NFT space. Last year, the NYSE minted NFTs celebrating the public debuts of buzzy tech companies such as Spotify, Snowflake, Unity, DoorDash, Roblox and Coupang. The tokens minted are 10-second videos depicting a virtual bell being rung. The NYSE did not sell the NFTs but rather gifted them to the six companies, and at the time said that there would be “many more NYSE NFTs to come”:
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