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Friday, January 27, 2023

New York Stock Exchange Eyes the Launch of an Online Trading Place for NFTs

New York Stock Exchange has decided to step foot in the NFT world as the company has applied to register the term “NYSE” for a marketplace for non-fungible tokens (NFTs). The trademark application has confirmed the intention of the company to launch an online trading place for crypto currencies and NFTs.

The application, which was filed on February 10, shows the NYSE’s plans to develop a cryptocurrency and NFT trading platform, among many other things. It has been believed that NYSE would face the centuries-old institution such as crypto unicorn OpenSea as well as other prominent NFT marketplaces like Rarible and the Winklevoss-owned Nifty Gateway.

Additionally, the NYSE issued its inaugural set of NFTs, recognizing the first trades of six “noteworthy” listings in April of last year. According to the exchange’s registration, it intends to supply “virtual reality, augmented reality, and mixed reality software,” which might include the metaverse. The term “metaverse” refers to a collection of shared, realistic digital environments that can be accessed through virtual reality or augmented reality goggles, or computer screens.

But the NYSE’s representative confirmed that the exchange currently has no plan to launch an online NFT marketplace. As far as the Stock Exchange’s trademark application to the US Patent and Trademark Office is concerned it was termed as “a bona fide intention” of the exchange. Furthermore, if the Stock Exchanges’ proposal is accepted, they will be able to create an online marketplace for NFTs, cryptos, and other digital assets including digital media and artwork.

Last year, the craze for cryptocurrencies spread to NFTs, a type of speculative investment that has lured celebrities such as former US first lady Melania Trump and Jamaican sprinter Usain Bolt. Many people are perplexed as to why so much money gets invested in products that do not exist. Some further claim that the market is overrun with con artists who reward low-quality viral art.

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