NYSE planning its own NFT marketplace, cryptocurrency: Report

cnbctv18.com:

The New York Stock Exchange (NYSE) reportedly plans to be a marketplace for non-fungible tokens (NFTs) and even have an NYSE-branded cryptocurrency, per a Bloomberg report.The NYSE is believed to have filed trademark application with the US Patent and Trademark Office on February 10, expressing its intention of becoming a financial exchange for crypto trading just like it does for stocks. Its NFT marketplace will compete with existing exchanges such as OpenSea and Rarible, the report said.The NYSE is the largest global stock exchange in terms of market capitalisation with daily trading volumes estimated to be in the range of hundreds of billions of dollars.Also Read: Binance tie-up with payments network a concern, says UK watchdogAccording to the filed documents, the stock exchange has registered itself for utilisation of blockchain technologies and associated crypto goods and services.

Technologies such as “virtual reality and augmented reality software, non-fungible tokens (NFTs), and online marketplaces” will be leveraged.The exchange aims to provide “downloadable virtual goods” and authentication of NFT data using blockchain technology. This is a unique crossover between stock and crypto trading.In a statement, the NYSE said it has no immediate plans to launch cryptocurrency or NFT trading but “regularly considers new products and their impact on our trademarks and protects our intellectual property rights accordingly.”In April 2021, the NYSE had also minted six commemorative tokens as a part of its ‘First Trade’ series, which was released to honour its major public listings.