NYSE seems set to do with NFTs what it did to global stock. NYSE has decided to veer into trading, buying and selling NFTs, and also to offer its unique services as a financial exchange platform that will enable the exchange of cryptocurrencies and NFTs.
NFT’s have recorded tremendous growth since their inception. Its marketplace has attracted the high and low of our society. On 10th February, NYSE confirmed that they had filed a trademark application to trade NFTs to the United States Patent Trade Organization (USPTO). This application, when approved, will grant the biggest stock exchange in the world, New York Stock Exchange – NYSE, entry into one of the world’s digital assets marketplace.
Following the announcement, the application submitted by NYSE to the USPTO reveals that NYSE will be involved in downloadable software that will allow users to experience virtual reality and integrated reality visualization and immersion.
NYSE, in its application, also proposed to deliver financial exchange services of digital and virtual currencies, utility, crypto, and non-fungible tokens.
Having joined millions of traders in the NFT community of users, NYSE hopes to Utilize the building and supporting technologies embedded in the blockchain to authenticate both downloadable and non-downloadable virtual commodities for NFT’s and digital collectibles.
With no plans for an immediate launch of an NYSE branded cryptocurrency or NFT, they are open to partnering with credible, innovative, and qualified tech companies into their community. NYSE hopes that as the future presents itself, many NYSE NFT’s will be created through this partnership.
The Beauty of NFT Trade
Massively adopted in 2021, the uniqueness of NFTs lies in its indivisibility. The NFT marketplace is on fire with millions of activities from the community; you would not know this if you were sleeping under the rock. NFTs are now the investors’ favorite.
NFTs are valuable non-fungible tokens or non-interchangeable units of data stored on a digital ledger powered by blockchain technology that establishes ownership proof. In all, NFTs represent unique collectibles that cannot be divided between and among two or more holders.
There are too many use cases for NFTs; however, they can either exist as a game played online, encrypted art, or as a digital collectible. Importantly, irrespective of its use case or form, it is necessary to authenticate its identity and proof of ownership.
NYSE is Right
NYSE cannot be wrong in deciding to join the NFT marketplace at this time. Though NFTs existence can be traced back to 2017 and beyond, it experienced an unprecedented acceleration in awareness and value in 2021. Subsequently, it became sought after in the world’s financial market.
In NYSE’s capacity as the world’s biggest stock exchange, dominating the activities of global stock exchange markets, NYSE’s debut into the NFT marketplace will likely be a huge success. It hopes to compete with digital currency exchange giants such as OpenSea and Rarible Inc. Like a honey pot, NYSE is about to tap from the vast opportunities and uniqueness that NFTs provide its community.