New York Stock Exchange files application to offer NFTs

The New York Stock Exchange (NYSE) has filed an application to offer Non-Fungible Tokens (NFTs).

An NFT is a unit of data stored on a digital ledger - or a blockchain - that certifies the uniqueness of a digital asset.

An NYSE spokesperson said it "has no immediate plans to launch cryptocurrency or NFT trading" and that it "regularly considers new products and their impact on our trademarks and protects our intellectual property rights accordingly".

The move would put the stock exchange into competition with NFT exchanges such as OpenSea, Rareabe, and Axie Marketplace.

The NYSE’s patent also hinted at a potential move into the metaverse, mentioning “virtual retail stores, virtual stores, and virtual showrooms for others provision of an online marketplace for buyers and sellers of downloadable digital goods authenticated by NFTs.”

The size of the NFT market has boomed over the past year. Sales of NFTs hit $24.9 billion in 2021, according to data from market tracker Dapp Radar.

The news comes after the stock exchange first entered the NFT space in April 2021, when it issued NFTs to mark the first trades of some of the year’s largest tech initial public offerings (IPOs), including those of Spotify, Snowflake, DoorDash, and Roblox.

Other NFT marketplaces have also attracted significant levels of investment, OpenSea announced a $330 million funding round in January, valuing the company at $13.3 billion.

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