Metaverse hype keeps growing.
The New York Stock Exchange (NYSE) could be the next to explore the Metaverse, according to a recently-filed patent.
NYSE Hints At Joining The Hot NFT Trend
The NYSE filed a trademark application on Feb. 10 to be allowed to register the name “NYSE” for an array of metaverse and non-fungible tokens-related products.
The application reveals that the world’s largest stock exchange by market capitalization would be able to provide “an online marketplace for buyers, sellers, and traders of downloadable digital goods authenticated by non-fungible tokens (NFTs)”.
Another section of the patent indicates potential offerings of a “digital currency and a digital token for use by members of an online community” and also the “issuance of non-fungible tokens of value used with blockchain technology”. It’s not clear from this terminology whether NYSE is planning to unveil its own native crypto in the near future.
Mainstream interest in the metaverse has reached new heights since Facebook’s rebrand to Meta in October 2021. NFTs, which are believed to be a pivotal part of the metaverse, have also benefited from the boom.
NYSE now seems to be getting ready to take a piece of the alluring NFT sector. The trademark application outlines a wide range of provisions that would allow the exchange to enter the market in a big way.
While it’s not known when exactly NYSE intends to launch this NFT marketplace, the platform will face competition from key players in the sector like OpenSea and Rarible.
Is The Metaverse A Trillion-Dollar Opportunity?
It should be noted that NFTs and the metaverse are not new to the New York Stock exchange. In early 2021, the stock exchange minted six NFTs to mark the first trades for prominent United States companies including, Spotify, DoorDash, Roblox, and Unity.
NYSE is not alone. McDonald’s, Crocs, and Walmart have also filed trademark applications related to cryptocurrencies, NFTs, and the Metaverse.
Meanwhile, banking giant JPMorgan has opened a virtual lounge on Decentraland — a virtual world based on blockchain technology — after affirming its view that the metaverse could evolve into a $1 trillion yearly revenue market opportunity.
