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

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.

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.

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.

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