NYSE moves closer to NFT trading with trademark application

February 16 (Reuters)-The New York Stock Exchange has filed an application to register the term “NYSE” in the non-fungible token (NFT) market, one step closer to establishing an online cryptocurrency and NFT exchange. rice field.

Last year’s hype about cryptocurrencies spread to NFTs. This is a form of speculative investment that has captivated fans such as the former First Lady of the United States Melania Trump and the great Usain Bolt of the Jamaican Sprint.

Companies involved in this sector are also backed by the big Microsoft Corp. (MSFT.O) And SoftBank Group Corp. (9984.T)..

As NYSE launches a new market, it will compete with the giant OpenSea of ​​SuperRare, Rarible and NFT. It was worth $ 13.3 billion after the latest funding round.

However, a NYSE spokesman said there were no immediate plans to start trading cryptocurrencies or NFTs.

“[New York Stock Exchange]regularly reviews new products and their impact on our trademarks and protects our intellectual property rights accordingly,” a spokeswoman added.

NFTs leave a lot of confusion about why so much money is spent on items that don’t physically exist. Others think that the industry is saturated by scammers and rewards too much for poor quality viral art.

NYSE created its first NFT set in April last year to commemorate the first deal on the six “notable” lists. [https://bit.ly/3gQiWPE]

The exchange filings indicate that they may also enter the Metaverse as they are trying to provide “virtual reality, augmented reality, mixed reality software”.

The metaverse is a shared, immersive digital environment that can be accessed through a virtual reality or augmented reality headset or computer screen.

In addition to NFTs, the exchange also states that it will offer “an online marketplace for virtual and digital assets, artwork buyers, sellers and traders”. Filing With the US Patent and Trademark Office dated February 10.

Report by Niket Nishint in Bangalore. Edited by Arun Koyyur

Our criteria: Thomson Reuters Trust Principles.