The NFT mania has swept the globe. This week, the world’s largest stock exchange stated its desire to join the tokenized assets industry as an official member.
The (NYSE) New York Stock Exchange has applied for an “NYSE” trademark for an online marketplace for digital assets such like (NFTs) and cryptocurrencies.
According to a document filed with the United States Patent and Trademark Office (USPTO), the several hundred-year-old organization intends to launch its cryptocurrency, dubbed NYSE.
If the proposal is approved, the stock exchange, which has a market capitalization of approximately $27.7 trillion, would become a direct rival to the largest NFT marketplaces, such as OpenSea and Rarible. The NYSE has not stated when it expects to begin executing its proposals.
The action might signal an expansion of corporate NYSE politics to welcome innovation. Last year, the stock exchange explored the NFT area by issuing “First Trade” NFTs commemorating the first public trades of six hot Internet firm equities.
“At the NYSE, we strive for innovation. For example, we were the first to offer Direct Listings and were at the forefront of the rise of SPACs. “Now we want to help fuel this new generation of NFT innovation,” the New York Stock Exchange tweeted.
Within the last year, many corporations, sports groups, and celebrities have entered the NFT market. As a result of the overwhelming demand, numerous NFT markets jumped on board.
Currently, around 180 NFT markets are active in the crypto industry. However, OpenSea remains the clear leader, with a whopping $13.3 billion value attained last month.