NYSE applies to register a trademark for NFT trading

    17 Feb 2022
    256 Views

    The New York Stock Exchange (NYSE) has applied to register the term “NYSE” for an NFT marketplace, getting closer to setting up an online trading place for cryptocurrencies and NFTs. The move comes after the NYSE minted six NFTs last year, commemorating the debut of hot tech stocks on the exchange.

    Last year, the hype around cryptocurrencies spilled over to speculative investments in NFTs that have attracted many fans and celebrities. Companies involved in this sector have also been backed by corporate giants, including Microsoft Corp and SoftBank Group Corp.

    If the NYSE launches a new marketplace, it will compete with SuperRare, Rarible and OpenSea, valued at a massive $13.3 billion after its latest funding round.

    The NYSE spokesperson, however, denied the plans to launch crypto or NFT trading soon, Reuters reported.

    “The NYSE regularly considers new products and their impact on our trademarks and protects our intellectual property rights accordingly,” he said.

    Last April, the NYSE minted its first set of NFTs, commemorating the first trades of six “notable” listings.

    The exchange’s filing indicates it could enter into the metaverse, too, as it seeks to provide “virtual reality, augmented reality and mixed reality software.”

    Besides NFTs, the exchange would also provide “an online marketplace for buyers, sellers and traders of virtual and digital assets, artwork,” it said in a filing with the US Patent and Trademark Office dated February 10.

    The New York Stock Exchange follows several other public companies that have filed trademark applications not only to protect their brands but to signify their exploration into blockchain and NFTs. Recently, McDonald’s submitted a trademark application to open restaurants in the metaverse.

    Also, Disney’s patent for interactive attractions for theme park visitors has been approved. While commerce giant Walmart quietly filed similar trademarks related to the metaverse and cryptocurrencies on December 30.

    Leave a Reply

    Your email address will not be published. Required fields are marked *