The New York Stock Exchange wants to do the same things for NFTs and cryptocurrencies as it does for stocks
- The New York Stock Exchange wants to launch a marketplace for NFT and cryptocurrency trading.
- It filed to register trademarks for several crypto-based products with the US Patent and Trademark Office on February 10.
The New York Stock Exchange plans to enter the crypto market with a view to offer trading in NFTs and cryptocurrencies, just as it does with stocks.
An application filed with the US Patent and Trademark Office on February 10 shows the NYSE wants to be a marketplace for both forms of popular digital asset.
In a filing by trademark attorney Michael Geller, the NYSE last week applied for trademarks to several crypto-based products including downloadable virtual reality, software for crypto wallets and storage, and an online marketplace for "downloadable digital goods authenticated by non-fungible tokens."
NFTs, also called modern-day collectibles, are digital assets that link ownership to unique physical or virtual items like works of art, music, or videos.
The exchange also gave a detailed description of its intent to enable financial transactions in cryptocurrencies, digital tokens, crypto tokens, and utility tokens.
Its application for crypto-related trademarks represents a major mark of acceptance by an iconic Wall Street establishment. Up until only about two years ago, big banks were skeptical of this "vague" asset class.
Crypto enthusiasts like FTX boss Sam Bankman-Fried anticipate greater institutional adoption after a flurry of companies have announced the integration of bitcoin, and crypto in general, in a number of ways.
Tesla and SpaceX hold bitcoin on their balance sheets, along with MicroStrategy. Meanwhile, companies like Block and PayPal have offered crypto-focused services to the masses.
This isn't the NYSE's first push into the NFT market. It announced in April last year it had minted six NFTs to represent the stock market debuts of several companies that went public on the exchange, including Spotify, DoorDash, and Roblox. The NFTs weren't for sale, but were gifted to the respective companies.
On its website, the exchange said "we know there will be many more NYSE NFTs to come."
The NYSE told Bloomberg it has no immediate plans to launch NFT or cryptocurrency trading, but that it "regularly considers new products and their impact on our trademarks and protects our intellectual property rights accordingly."