Will the NYSE offer NFTs in the future?

The New York Stock Exchange has applied to register the word “NYSE” for an online trading platform for cryptocurrencies and non-fungible tokens (NFTs), moving one step closer to establishing an online trading platform for cryptocurrencies and NFTs. Last year, the buzz around cryptocurrencies spilt over to NFTs, a kind of speculative investment that has garnered support from celebrities such as former US First Lady Melania Trump and Jamaican sprint legend Usain Bolt. Microsoft Corp (MSFT.O) and SoftBank Group Corp have also financed companies in this field.

In a regulatory filing with the United States Patent and Trademark Office, the NYSE said that it wishes to compete with OpenSea and Rarible Inc. as a financial exchange for cryptocurrencies and NFTs. The Feb. 10 filing suggested intentions for an NYSE-branded cryptocurrency and a platform for purchasing, selling, and trading NFTs. If the NYSE establishes a new marketplace, it will definitely be able to compete with OpenSea, which was recently valued at $13.3 billion after its last fundraising round. However, an NYSE spokeswoman said that the exchange has no imminent plans to begin trading in cryptocurrencies or NFT.

Clues Through Uncertainty

The NYSE minted its first batch of NFTs using Ethereum (Get Ethereum on Altalix) in April last year to mark the maiden transactions of six “notable” listings. According to the petition, the exchange wants to provide “virtual reality, augmented reality, and mixed reality software.” The word “metaverse” refers to collaborative, immersive digital environments that may be accessed via the use of virtual reality or augmented reality headsets or computer displays. Even though the global cryptocurrency market cap fell 0.15 percent to $1.99 trillion and Cryptocurrency trading volume also fell 7.18 percent to $69.78 billion, according to Coinmarketcap statistics, it seems the NYSE are viewing it as the perfect time to start getting involved at a discounted price for their wallet size.

Land Being Purchased?

A virtual lounge dubbed ‘Onyx Lounge’ has been established by JP Morgan in Decentraland, where users may engage with a virtual avatar of Jamie Dimon, CEO of JP Morgan, and make transactions in the same way they would in the real world. At the beginning of this year, the bank released a paper in which it explained how important metaverse would be for business in the future. “A strong and flexible financial ecosystem that allows users to interact between the real and virtual worlds effortlessly is critical to the success of establishing and expanding in the metaverse.” In the paper, it is said that “our approach to payments and financial infrastructure will enable that interoperability to flourish.” In addition to the New York Stock Exchange (NYSE) moving closer to establishing an online trading platform for cryptocurrencies and non-fungible tokens (NFTs), the largest bank in the United States, JP Morgan, has become the first bank in the world to enter the metaverse world, signalling a clear interest in the space for future moves.