NYSE Files NFT and Metaverse Related Trademark Applications

The flurry of NFT and the Metaverse related activity continue to hit the news wires this week. As activity grows, trading volumes and lucrative fees also rise, drawing the interest of mainstream market places.

The New York Stock Exchange

Located on Wall Street, the NYSE is the world’s largest stock exchange. Founded under a buttonwood tree in 1792, the exchange evolved from a group of just 24 stockbrokers and adopted its current name in 1863. Ownership was controlled by members, capped at 1,366 since 1953 until members became shareholders in December 2005. In anticipation of a change in structure, some seats on the exchange sold for as much as $4m. Significantly, the exchange was an instrumental part of the U.S industrial revolution.

On the regulatory front, it was the 1929 crash that placed the NYSE under the purview of the Securities and Exchange Commission (SEC).

The NYSE and U.S Companies Pave the Way for NFTs and the Metaverse

Ahead of the NYSE application, a number of U.S listed companies have filed similar trademark applications. These include Microsoft (MSFT), Warner Brothers (AT&T), and McDonald’s (MCD). Back in April 2021, even the NYSE minted NFTs in celebration of first trades for Coupang, DoorDash, Roblox, Snowflake, Spotify, and Unity. Each NFT is a short video clip providing details of the first trade. The Spotify NFT is viewable on Crypto.com (CRO).

NYSE Looks to Expand to NFTs and the Metaverse

Late last week, the New York Stock Exchange filed a trademark application that suggests new endeavors in NFTs and the Metaverse.

According to the trademark application, the NYSE aims to provide an online market place for buyers, sellers, and traders of:

• Downloadable digital goods authenticated by NFTs;
• Virtual and digital assets, artwork, collectibles, and NFTs;
• Digital currency, virtual currency, cryptocurrency, digital tokens, crypto tokens, and utility tokens.
• Downloadable digital art images authenticated by NFTs.

Additionally, the application requests for

• Developing and designing virtual retail stores, virtual stores, and virtual showrooms.

With regulatory scrutiny on the rise, the New York Stock Exchange’s expansion into NFTs and the Metaverse will be an interesting one to watch.