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New York Stock Exchange Wants To Trade NFTs

Cryptocurrency Feb 18, 2022 02:30PM ET
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New York Stock Exchange Wants To Trade NFTs

NFT craze has taken the world by storm. This week the world’s largest stock exchange expressed a wish to become an official member of tokenized assets sector.

The New York Stock Exchange (NYSE) has filed an “NYSE” trademark application for an online marketplace for various types of digital assets, including non-fungible tokens (NFTs) and cryptocurrencies.

As stated in the document with the United States Patent and Trademark Office (USPTO), several hundred years old institution also has plans to release its own cryptocurrency branded as NYSE.

If the application is granted, the stock exchange of over $27.7 trillion market cap will become a direct competitor for the biggest NFT marketplaces like OpenSea and Rarible. NYSE has not specified yet when it could start implementing its plans.

The move might mark the extension of corporate NYSE politics to embrace innovations. The stock exchange has tested the NFT space last year by issuing “First Trade” NFTs dedicated to the remembrance of the first public trades of 6 trendy tech company stocks.

“Innovation is what we do at the NYSE. We were the first with Direct Listings and at the forefront of the emergence of SPACs. Now we want to help drive this new wave of NFT innovation”, then tweeted New York Stock Exchange.

The vast number of businesses, sports clubs and celebrities entered the NFT space within the past year. Following the massive demand, multiple NFT marketplaces joined the bandwagon.

Currently, there are nearly 180 NFT marketplaces operating in the crypto space. OpenSea is yet the obvious leader with the massive $13.3 billion valuations, which it reached last month.

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New York Stock Exchange Wants To Trade NFTs
 

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