NYSE Hints at Launch of NFT Market With Latest Patent Filing

As if OpenSea and Rarible needed more competition, the New York Stock Exchange (NYSE) recently filed a patent suggesting it may soon join the non-fungible token (NFT) market. 

On February 10, the NYSE filed a trademark to register “NYSE” for goods and services surrounding metaverse-related technologies like augmented reality and mixed-reality software, alongside various iterations of cryptocurrencies, tokens, digital assets, and NFTs.

The patent also includes “provision of an online marketplace for buyers, sellers, and traders of downloadable digital goods authenticated by non-fungible tokens (NFTs).” The filing outlines the launch of “virtual stores” and “showrooms” too.

Perhaps the most intriguing is the clause that outlines the provision of “a digital currency and a digital token for use by members of an online community” as well as the “issuance of digital tokens” and “non-fungible tokens of value.” It’s unclear from this language whether this means the exchange will be launching a native cryptocurrency any time soon. 

The world’s largest stock exchange, with a market capitalization of more than $27 trillion as of December 2021, added many provisions that would allow it to enter the market in full force.

There are, however, no immediate plans of how or when the NYSE would pursue this launch. 

This isn’t the first time the NYSE has been involved with NFTs.

Back in April 2021, NYSE minted six NFTs, commemorating the “first trades” of stocks like DoorDash, Spotify, Roblox, and others.

Patent laws flood the metaverse

NFT copyright issues are becoming commonplace in crypto, with Nike suing StockX for minting and selling unauthorized sneakers as NFTs or Hermès calling out MetaBirkins for making 230 Ethereum for selling unofficial digital replicas of the famous handbag.

NYSE also follows commerce giant Walmart, who quietly filed similar trademarks related to the Metaverse and cryptocurrencies on December 30. 

With NFT copyright claims growing by the day, the metaverse could be a new trademark frontier.