The New York Stock Exchange (NYSE) may soon enter the non-fungible token (NFT) market as a recent patent filing by the exchange suggests so.
The NYSE filed a trademark application on February 10 to register the term “NYSE” for goods and services relating to metaverse-related technologies such as augmented reality and mixed-reality software, as well as various iterations of cryptocurrencies, tokens, digital assets, and NFTs.
“Provision of an online marketplace for buyers, sellers, and traders of downloadable digital items authenticated by non-fungible tokens (NFTs),” according to the patent. The petition also mentions the opening of “virtual stores” and “showrooms.”
The provision of “a digital currency and a digital token for usage by members of an online community,” as well as the “issuance of digital tokens” and “non-fungible tokens of value,” is perhaps the most intriguing clause. It’s unclear whether this indicates the exchange will create a native coin anytime soon based on this language.
With a market value of more than $27 trillion as of December 2021, the world’s largest stock exchange incorporated a slew of measures that will allow it to fully enter the market. The NYSE, on the other hand, has no immediate plans for how or when it will pursue this launch.
This isn’t the first time the NYSE is dealing with NFTs as it has earlier issued six NFTs in April 2021 to commemorate the “first transactions” of stocks such as DoorDash, Spotify, Roblox, and others.
The metaverse and patent laws
Nike sued StockX for minting and selling unlicensed sneakers as NFTs, and Hermès sued MetaBirkins for manufacturing 230 Ethereum and selling unofficial digital reproductions of the renowned handbag.
The NYSE is following in the footsteps of retail behemoth Walmart, which registered identical trademarks linked to the Metaverse and cryptocurrencies on December 30.
The metaverse could be a new trademark frontier, with NFT copyright claims expanding by the day.