New York Stock Exchange Goes Bullish on Crypto, Metaverse, NFT Plans; Files for Permits

NYSE also plans to bring in its native crypto token, details of which are unclear as of now.

By Radhika Parashar | Updated: 17 February 2022 14:27 IST

New York Stock Exchange Goes Bullish on Crypto, Metaverse, NFT Plans; Files for Permits

Photo Credit: Facebook/ NYSE

NYSE is world’s largest stock exchange by market cap, launched in 1792

Highlights

NYSE has filed for trademarks at US Patent and Trademark Office
NYSE plans to sell metaverse-backed NFTs
NYSE may roll out a native cryptocurrency

New York Stock Exchange (NYSE) has asked for permission to use NYSE as a trademark for its future expansion as a cryptocurrency exchange and a metaverse-backed NFT marketplace. The US has been witnessing political, administrative, and industrial support for the crypto sector even as laws on its regulation remain awaited. NYSE has applied with the US Patent and Trademark Office and is now awaiting approvals. The filing is dated February 10, details about it, however, have recently emerged on public domains.

NYSE is planning to develop a virtual marketplace to sell digital collectibles, called NFTs or non-fungible tokens. The world's largest equity-based exchange is also looking to expand in the metaverse sector, where buyers will be able to interact with their NFTs in a fully functional virtual world setting. If and when the licenses come through, NYSE plans to bring in its native crypto token, details of which are unclear as of now.

“The applicant has a bona fide intention, and is entitled, to use the mark in commerce on or in connection with the identified goods/services,” NYSE's filing reads.

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Meanwhile, the NYSE has said that its crypto-related plans are not immediate, but remain in the pipeline.

“The NYSE regularly considers new products and their impact on our trademarks and protects our intellectual property rights accordingly. The NYSE has no immediate plans to launch cryptocurrency or NFT trading,” the New York Post quoted the stock exchange as saying.

This is not the first time that the NYSE has validated the crypto sector in its capacity.

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Last year in October, the first Bitcoin futures ETF (exchange traded fund) was launched at the New York Stock Exchange. The move had set BTC prices to skyrocket over the mark of $65,000 (roughly Rs. 49 lakh) at the time.

In 2021 itself, the NYSE created multiple NFTs commemorating notable IPOs of companies like Roblox, Spotify, and Snowflake.

NYSE First Trade #NFT: @Roblox :gear: First trade on 3.10.21. Click the link in our bio to view all NYSE First Trade NFTs. pic.twitter.com/8HceiC8dDU
— NYSE ???? (@NYSE) April 12, 2021

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Further reading: Cryptocurrency, New York Stock Exchange, NYSE, Crypto Exchange, NFT

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More