New York Stock Exchange Plans To Be Marketplace For NFTs

The New York Stock Exchange( NYSE) has indicated plans to step into the nonfungible token's market and do for digital assets what it does for stocks.

The exchange filed an application with the U.S. Patent and Trademark Office (USPTO) to provide an online marketplace for various digital goods on Feb. 10.

The application demands the "provision of an online marketplace for buyers, sellers, and traders of downloadable digital goods authenticated by nonfungible tokens (NFTs)."

If NYSE sticks to the plans, it would be competing with popular NFT exchanges OpenSea and Rarible.

NYSE noted in a statement that 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.”

Last year, in April, the exchange minted its first set of NFTs and had said that it wasn't selling the NFTs, just minting them for commemorative purposes.

According to a blogpost on Linkedin by NYSE President Stacey Cunningham, the NFTs memorialize first trade metadata for Unity, Coupang, Snowflake, Spotify, Roblox and DoorDash. With this latest trademark filing, it’s evident that the NYSE may have much more ambitious plans for NFTs and enter into the cryptocurrency market.