The New York Stock Exchange aims to compete with OpenSea and Rarible
the New York Stock Exchange (NYSE), the largest of the world’s stock exchanges, wants to get into the digital asset business. On February 10, 2022, the New York Stock Exchange announced its intention to set up a cryptocurrency exchange platform and non-fungible tokens (NFTs) in a filing with the United States Patent and Trademark Office (UPSTO).
In the filed patent application, the New York Stock Exchange states that it is working on a “online market” intended for sellers, buyers and creators of “digital goods to download and authenticated by non-fungible tokens”. The platform will allow hold, store and trade digital assets through the blockchain, says the patent.
The Exchange regularly mentions NFTs in the filing request. The NYSE says it wants to allow cryptocurrencies and NFTs to be traded in the same way as stocks. The Exchange openly aims to compete with major non-fungible token exchanges, such as OpenSeawhich now weighs more than $13 billion, or Rarible.
The filing also discusses the creation of digital wallets for storing cryptocurrencies and NFTs. Finally, note that the NYSE repeatedly speaks of software dedicated to virtual reality and augmented reality.
These mentions suggest that Wall Street is taking a keen interest in the metaverse. Several large groups, including Disney et McDonald’shave also filed patents related to digital worlds accessible online in recent weeks.
👉 Read also – JP Morgan becomes the first bank to join the metaverse Decentraland (MANA)
Wall Street confirms its attraction for non-fungible tokens (NFTs)
A patent filing does not mean that a company automatically plans to complete a project in the near future. Many groups file patents with organizations such as the UPSTO solely for the purpose of secure use of a trademark or a technology. It is not uncommon for a company to patent a technology without ever exploiting it.
However, this is not the first time that Wall Street has shown the desire to ride the wave of digital works authenticated on the blockchain. In April 2021, the NYSE also created a collection of 6 NFTs on the Crypto.com/NFT platform. Each non-fungible token commemorates a famous IPOlike that of Spotify.
Other exchanges have already displayed similar ambitions in the past. Last summer, the Philippine Stock Exchange (PSE) revealed plans to launch a cryptocurrency trading service to meet the high demand from Filipinos. The National Stock Exchange is currently awaiting the green light from the regulatory authorities.
👉 On the same topic – YouTube will allow creators to sell their videos as non-fungible tokens (NFTs)
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About the Author : Florian Bayard
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