June 27, 2022

New York Stock Exchange Signals Move To Build An NFT Marketplace

3 min read

The New York Stock Exchange (NYSE) is catching lots of off guard today with an interesting and unique hallmark filing that is indicating the exchange’s intent to develop it’s own NFT market.

A patent from the NYSE has been submitted within the past week with the United States Patent and Trademark Office (USPTO) has recommended that the exchange is making it’s very first ‘‘ metaverse’move. Let’s look at what we understand from early reports, and what it might mean moving forward.

New York, New York According to the USPTO filing, the New York Stock Exchange is signing up “NYSE”for utilization of several different blockchain and crypto-adjacent products and services, including areas like”virtual reality and augmented truth software application, non-fungible tokens, and/or NFTs, and online marketplaces.”

The exchange could be wanting to supply “downloadable virtual products,” according to reports, and could be looking to construct “authentication of information in the field on NFTs utilizing blockchain innovation.”

It’s the most recent twist in the unexpected roadway of stock exchange and NFT crossovers, after the NYSE minted 6 celebratory NFTs in 2015 – – commemorating significant public listings as part of a series titled “First Trade.”

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 The New York Stock Exchange's flagship composite index, NYA, has actually had a strong performance over the previous year.|Source: NYSE: NYA on TradingView.com

The “State”Of Affairs The New York Stock Exchange is the world’s biggest stock exchange by market cap, with average trading volumes that are frequently approximated in the numerous billions of dollars every day.

Unlike last April’s NFT release, this latest undertaking from the NYSE indicates a much broader and bigger investment into the blockchain area; while details are still spotty, it appears that the exchange will be developing a full-fledged NFT market. It comes at a time when competitors from market leader OpenSea has becoming progressively fierce. Coinbase is now seemingly weeks away from their NFT market, and growing market LooksRare has actually been progressively discussed in current weeks (regardless of a rough week in the headings this week) – – and these are just two names among numerous.

The trademark application also includes APIs and “cryptocurrency trading services” too. Could this move be the very first signal that the NYSE could be moving towards supporting crypto trading more broadly? With minimal U.S. guideline that has actually been carried out to date, the area can quickly be described as a ‘‘ grey area’ at finest for the exchange – – however development isn’t understood to wait. While ‘‘ metaverse’ is the “flavor of the month” recently, the New York Stock Exchange making use of blockchain APIs in stock tracking, or embracing NFTs at a much more substantial level is absolutely nothing to scoff at.

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Included image from twitter.com/squiggles, Charts from TradingView.com The writer of this content is not associated or connected with any of the parties pointed out in this short article. This is not financial advice.