NYSE Files Trademark for Crypto Exchange and NFT Marketplace

The New York Stock Exchange (NYSE) has applied with the US Patent and Trademark Office to use NYSE as a trademark for its future business as a cryptocurrency exchange and NFT marketplace.

In its filing dated February 10, the company indicated that it will launch an NYSE-branded digital currency to run its financial exchange for cryptocurrencies and NFT marketplace similar to OpenSea and Rarible.

Earlier, the exchange launched a series of digital collectibles named “NYSE First Trade NFTs” to honor the memories of the first trade of a select group of companies.

NYSE Joins Others in the Rush for Metaverse

NYSE is among several leading non-tech companies that have applied for metaverse trademarks. A few days back, lingerie brand Victoria’s Secret filed trademark applications for virtual undergarments, headwear, bags, and fashion accessories that it wants to sell on the metaverse.

Similarly, McDonald’s filed as many as 12 trademarks early this month for virtual products and services it wants to launch in the metaverse in the coming weeks. These products can be virtual restaurants, cafes, and typical McDonald’s products but in digital mode.

No Immediate Plans Though

Despite its filing, the leading stock exchange may not jump into the metaverse with its products and services right away. The initiative to secure the trademark apparently arises out of the concern to protect its intellectual property from new products.

A Bloomberg report quoted an NYSE statement that said the company “regularly considers new products and their impact on our trademarks and protects our intellectual property rights accordingly.”

For NYSE, the world’s largest stock exchange with the combined market cap of listed companies exceeding $30 trillion, tapping into the $2 trillion crypto industry means more business. The NFT marketplace, which was under $200 million until 2020, has soared to top $40 billion in 2021.

Tech Companies in the Metaverse

In a recent call with investors, Apple CEO Tom Cook confirmed that his company has plans for the metaverse. Besides augmented reality (AR) apps, the company intends to introduce headsets for enhanced metaverse experience. Microsoft and Google are also eyeing business in this space with their headsets and smart glasses.

The potential of the metaverse has made leading tech firms secure their trademarks and position their businesses to leverage the opportunity it brings. For example, last year, Facebook was renamed Meta in a branding exercise that aligns the company’s new focus area – Metaverse.

Featured Image Courtesy of FT