The New York Stock Exchange (NYSE) set to join NFT, crypto space

Key Takeaway

• NYSE is also seeking approval to develop its own cryptocurrency.
• Other companies that have also filed trademark applications to expand into the NFTs space.

LAGOS (CoinChapter.com) — The New York Stock Exchange (NYSE) has applied for trademark licenses from the United States Patent and Trademark Office (USPTO) to launch an online marketplace for blockchain-related products.

The application, if granted, will allow NYSE to offer customers various digital products, including non-fungible tokens (NFT), cryptocurrencies, digital media, and artwork.

Moreover, the license will enable NYSE to set up a digital marketplace alongside its existing exchange. This will invariably bring stiffer competition to the NFT industry currently dominated by OpenSea, Rarible, among other NFTs marketplace.

In addition to launching a digital marketplace, the NYSE is also seeking approval to create its very own cryptocurrency. However, a spokesperson for the NYSE has indicated that there are no immediate plans to launch crypto 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.

The New York Stock Exchange Had Previously Explored NFTs

Meanwhile, it is important to note that this isn’t the first time the New York Stock Exchange has explored NFTs.

In April 2021, the stock exchange minted its first set of NFTs to commemorate its first trades of six prominent listings. The trades memorialized included Unity, Coupang, Snowflake, Spotify, Roblox, and DoorDash.

Furthermore, the New York Stock Exchange has also indicated entering into the metaverse. The application will also grant it a license to provide virtual, augmented, and mixed reality software according to the NYSE.

Other Companies That Filed Trademark Application To Explore NFTs

The New York Stock Exchange isn’t the only company that filed trademark applications to expand into blockchain and NFTs. Other companies like Disney, Sega, McDonald’s, among others, have also applied for trademark licenses over NFTs.

U.S.-based multinational fast food corporation McDonald recently submitted a trademark application to offer virtual products. According to Josh Gerben, founder of Gerben Intellectual Property, the application will also allow the firm to enter the metaverse.

Japanese multinational video game and entertainment company Sega also filed two trademarks with the Japanese Patent Office in December 2021 for Sega NFT. However, Sega has indicated that it intends to take things slow and carefully assess all the positive and negative areas of releasing NFTs.

Also, Walmart has recently filed a series of trademark applications that revealed its intention to enter the NFT space. In addition, according to reports, Walmart is exploring providing a digital currency and a digital token that members might use in an online community.