The NFT craze has seen collections minted by artists and celebrities from a wide range of backgrounds, but an unexpected player seems poised to enter the market. A regulatory filing with the US Patent and Trademark Office by the New York Stock Exchange (NYSE) states that the worlds’ biggest stock exchange intends to move into digital assets like cryptocurrencies and NFTs.
While a statement from the NYSE clarified that the exchange has no immediate plans for establishing cryptocurrency or NFT exchanges, the regulatory filing shows that the organization has taken more than a passing interest in the prospect and beefed-up security protocols.
Filing Gives Insight Into Potential Future Projects
The filing specifically applies for the registration of the name “NYSE” with regard to a digital asset exchange, although any future projects could easily go under other names. A statement put out by the NYSE on the matter says that the exchange “protects our intellectual property rights and regularly considers new products and their impact on our trademarks.”
The onset of the metaverse and other virtual reality platforms and projects could also be an area that the exchange is exploring. The filing specifically mentioned virtual reality, augmented reality, and mixed reality. It’s worth pointing out that there are some services like the Quantum AI crypto trading software which claim to offer NFTS, but that has been refuted by industry watchdog websites.
NYSE Has Explored NFT Projects in the Past
While the establishment of an NFT and digital asset exchange would mark the most significant entry into the space by the NYSE or similar institutions, the NYSE has already made an initial foray into NFTs. The exchange minted a collection of NFTs titled “First Trades” in April 2021, commemorating noteworthy public listings. The six companies chosen for the collection were Spotify, Snowflake, Unity, Roblox, Coupang, and DoorDash.
If the filing does indeed indicate the NYSE’s intention to enter the NFT exchange space, they’ll be competing with current industry giants Rarible, SuperRare, and OpenSea. These organizations are already very well established, with OpenSea, in particular, valued at over $13 billion.