The New York Stock Exchange (NYSE) is entering the cryptocurrency market, aiming to do for digital assets what it does for stocks. It filed an application with the United States Patent and Trademark Office (USPTO) to register the name “NYSE” to provide an online marketplace for buyers, sellers, and traders of digital goods and NFT.
In Brief:
- NYSE applied to the United States Patent and Trademark Office (USPTO) to trademark “NYSE”.
- The application includes goods and services including digital assets like crypto tokens and crypto trading services.
- NYSE specifies that it has no immediate plans to launch cryptocurrency or NFT trading.
NYSE filed for a trademark application to USPTO, that includes some of the following virtual products, viz:
- Provision of an online marketplace for buyers, sellers, and traders of downloadable digital goods authenticated by non-fungible tokens (NFTs).
- Virtual Reality and Augmented Reality software.
- Blockchain-based NFTs and NFT collectible series.
- API for sending, receiving, accepting, buying, selling, trading, and exchanging digital currency.
NYSE’s move towards being a financial exchange for cryptocurrencies and NFTs will pose it as a competitor against OpenSea and Rarible Inc.
The filing of a trademark application does not imply that the NYSE is about to enter the NFT creation/trading game. It stated that it has no immediate plans to launch cryptocurrency or NFT trading, but it is concerned about the impact of financial products on its trademarks and intellectual property rights.
However, NYSE’s trademark application is not its first move in the direction of cryptocurrency. On its official website, it announced minting six NFTs of Spotify, which executed the first-ever Direct Listing, Snowflake, Unity, DoorDash, Roblox, and Coupang.
Recently, several other companies have forayed into indicating their further course of action w.r.t blockchain and cryptocurrency. A leaked document revealed McDonald’s filing for 10 new trademarks to create a virtual food experience for its customers in the metaverse.
