The NFT market is starting to grow and the New York Stock Exchange wants to get in. The NYSE filed for trademark application registering “NYSE” as an NFT marketplace. The institution is looking to take part in an industry where most of the people involved are startups.
Millions of dollars have been raised by NFT marketplaces in funding to facilitate transactions for NFT collections.
The NFT industry has experienced growth last year as the price of Bitcoin achieved its all-time high and digital assets garnered more attention. Some of the digital assets included in NFT collections are digital artworks, memes, tweets, images, and more.
If the NYSE proceeds with its marketplace launch, it will be competing with known NFT platforms such as OpenSea, Rarible, and SuperRare. In April 2021, the NYSE minted its first NFT collection. This could be an indication that the NYSE could go into the metaverse as well. The exchange is looking to offer “virtual reality, augmented reality and mixed reality software”.
The NYSE confirms that it is seeking to license its new products but did not provide a timeline.
“The NYSE has no immediate plans to launch cryptocurrency or NFT trading,” The New York Stock Exchange stated. “The NYSE regularly considers new products and their impact on our trademarks and protects our intellectual property rights accordingly.”
The exchange stated on their official website that there are “many more NYSE NFTs to come as we continue to welcome new, innovative companies to our community.” This latest action indicates a huge investment in blockchain technology. No specific details were given but it is clear that NYSE is creating its own marketplace.
NFT marketplaces’ value has grown exponentially in 2021. In July, OpenSea reached $1.5 billion valuation and is now worth $13 billion. This makes the industry more appealing to institutions like the NYSE.
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