The New York Stock Exchange is planning to launch a platform for the exchange of cryptocurrencies and non-fungible tokens (NFTs). Determined to compete with OpenSea and Rarible, the NYSE has indeed just filed a patent application. The filing also reveals the New York stock exchange’s interest in the metaverse.
The New York Stock Exchange aims to compete with OpenSea and Rarible
The New York Stock Exchange (NYSE), the world’s largest stock exchange, wants to get into the digital asset business. This February 10, 2022, the NYSE announced plans to build a platform for trading cryptocurrencies and non-fungible tokens (NFTs) in a filing with the U.S. Patent and Trademark Office (UPSTO).
In the patent application filed, the New York Stock Exchange says it is working on an “online marketplace” for sellers, buyers and creators of “digital assets to be downloaded and authenticated by non-fungible tokens.” The platform will allow digital assets to be held, stored and traded via the blockchain, the patent states.
The exchange regularly mentions NFTs in the filing. The NYSE says it wants to allow cryptocurrencies and NFTs to be traded in the same way as stock market shares. The exchange openly aspires to compete with major non-fungible token exchange platforms, such as OpenSea, which is now worth more than $13 billion, or Rarible.
The filing also mentions the creation of digital wallets to store cryptocurrencies and NFTs. Finally, it’s worth noting that the NYSE repeatedly mentions software dedicated to virtual and augmented reality.
These mentions suggest that Wall Street is taking a keen interest in the metaverse. Several large companies, including Disney and McDonald’s, have also filed patents related to digital worlds accessible online in recent weeks.
Wall Street confirms its attraction for non-fungible tokens (NFTs)
A patent filing does not mean that a company automatically plans to carry out a project in the near future. Many groups file patents with organizations such as UPSTO solely to secure the use of a brand or technology. It is not uncommon for a company to patent a technology without ever exploiting it.
Nonetheless, this is not the first time Wall Street has shown the urge to ride the wave of authenticated digital works on the blockchain. In fact, in April 2021, the NYSE created a collection of 6 NFTs on the Crypto.com/NFT platform. Each non-fungible token commemorates a famous IPO, such as Spotify.
Other exchanges have displayed similar ambitions in the past. Last summer, the Philippine Stock Exchange (PSE) revealed plans to launch a cryptocurrency trading service to meet the high demand from Filipinos. The national exchange is currently waiting for the green light from regulators.
