OpenSea and Rarible, two major NFTs marketplaces, might face tougher competition in the future. After all, everybody is getting into the NFT space – Coinbase, FTX, and crypto.com just make up a few of the names that have begun making inroads in the burgeoning space.
Now, a titan of legacy finance might be looking to make their own move – the New York Stock Exchange (NYSE) submitted a trademark application to the United States Patent and Trademark Office for the use of “NYSE” in blockchain and crypto-related products and services.
The world’s largest exchange, with a market capitalization of over $27 trillion, alludes to offering a “digital currency and a digital token for use by members of an online community” in the filing, also making mention of “non-fungible tokens of value.” However, it’s hard to tell from this language if the exchange will launch a cryptocurrency or NFT marketplace. In general, it reads more as positioning – because while the NYSE has dabbled in NFTs before, they haven’t done a whole lot more than that.
NYSE said it isn’t planning to launch cryptocurrency or NFT trading in the near future. However, it said it would “regularly assess new products and how they will impact trademarks and protect intellectual property rights accordingly.”
Incorporating blockchain technology, crypto, or NFTs into traditional financial markets may sound contradictory, but it is happening as it will open the doors for new opportunities. A recent example is the SEC’s approval of BSTX, the first national stock exchange based on blockchain technology.