If the NYSE launches a new marketplace, it would compete
with SuperRare, Rarible and NFT marketplace giant OpenSea.
If the NYSE launches a new marketplace, it would compete
with SuperRare, Rarible and NFT marketplace giant OpenSea.
The New York Stock Exchange has filed an
application to register the term “NYSE” for a marketplace for
non-fungible tokens (NFTs), taking a step closer to setting up
an online trading place for cryptocurrencies and NFTs.
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The hype around cryptocurrencies last year spilled over to
NFTs, a form of speculative investment that has attracted fans
including former U.S. first lady Melania Trump and Jamaican
sprint great Usain Bolt.
Companies involved in this sector have also been backed by
heavyweights Microsoft Corp and SoftBank Group Corp
.
If the NYSE launches a new marketplace, it would compete
with SuperRare, Rarible and NFT marketplace giant OpenSea, which
was valued at $13.3 billion after its latest funding round.
Also Read | Irregular sales worth billions fire up wild NFT market
However, a spokesperson for the NYSE said it has no
immediate plans to launch cryptocurrency 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.
NFTs have left many baffled as to why so much money is spenton items that do not physically exist. Some also believe the
industry is saturated by scammers and too often rewards viral
art of low quality.
The NYSE minted its first set of NFTs in April last year,
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”.
Metaverse refers to shared, immersive digital environments
which can be accessed via virtual reality or augmented reality
headsets or computer screens.
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 U.S. Patent and Trademark Office dated February 10.
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