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The New York Stock Exprogress (NYSE) is catching many off guard this week with an interesting and unique trademark filing which is signaling the exmove’s intent to build it’s own NFT marketplace.
A patent from the NYSE has been filed inside the past week with the United States Patent and Trademark Office (USPTO) has suggested which the exchange is msimilarg it’s first ‘metaverse’ change. Let’s look at what we know from early reports, and whin place could mean moving forward.
New York, New York
According to the USPTO filing, the New York Stock Exchange is registering “NYSE” for utilization of several divergent blockchain and crypto-adjacent goods and services, including areas like “virtual reality and augmented reality software, non-fungible cryptocurrencies, and/or NFTs, and online marketplaces.”
The exchange could be looking to provide “downloadable virtual goods,” according to reports, and could be looking to build “authentication of data in the range on NFTs using blockchain technology.”
It’s the latest twist in the unreasonable road of stock exchange and NFT crossatops, after the NYSE minted six commemorative NFTs advance year – celebrating major public listings as part of a series titled “First Trade.”
The New York Stock Exchange's flagship composite index, NYA, has had a high performance above the past year. | Source: NYSE: NYA on TradingView.com
The “State” Of Affairs
The New York Stock Exchange is the world’s largest stock exchange by market cap, with average exchanging volumes which are often estimated in the hundreds of billions of dollars each day.
Unlike endure April’s NFT release, this latest endeavor from the NYSE signals a much broader and bigger investment into the blockchain territory; in the time details are still spotty, it seems which the exchange will be fabricating a full-fledged NFT marketplace. It comes at a time although competition from market leader OpenSea has becoming spiralingly fierce. Coinbase is now seemingly weeks away from their NFT marketplace, and increasing marketplace LooksRare has been soaringly mentioned in recent weeks (despite a rough week in the headlines this week) – and these are hardly two names among many.
The trademark application likewise includes APIs and “token exchanging services” as well. Could this development be the first signal which the NYSE could be moving towards supporting crypto dealing more broadly? With minimal U.S. regulation which has been implemented to date, the territory can easily be described as a ‘grey range’ at best for the exprogress – but innovation isn’t known to wait. While ‘metaverse’ is the “flavor of the month” lately, the New York Stock Exshift utilizing blockchain APIs in stock tracking, or adopting NFTs at a much more substantial level is nothing to scoff at.