New York Stock Exchange (NYSE), has filed a trademark application in order to provide NFT trading and digital currency services within the metaverse. It was the company’s debut into the metaverse concept. It is possible that the organization will compete with established NFT markets and other exchanges.
NYSE takes Metaverse seriously
New York Stock Exchange is among the world’s first bourses to try and anticipate virtual worlds, as well as the potential business opportunities that they might bring. A trademark application was filed by the company on February 10. It allows trading using augmented reality and virtual reality tools. The NYSE could be looking to open a metaverse-based platform for trading.
The applications contain several keywords including:
Software that allows users to download virtual reality, mixed reality, or augmented reality software. This software is downloadable and can be used for immersion and manipulation of virtual reality.
In the filings, technology is also mentioned to offer trading services for NFTs or digital currencies. This would make NYSE a direct rival to established markets like Opensea or Rarible. Michael Kondoudis (a trademark lawyer), stated that this was proof of how important the metaverse is to the business model for the financial institution. He added:
The latest evidence that the metaverse exists is this filing. Businesses need to prepare accordingly. It is no longer necessary for businesses to worry about when it will happen. It just matters when.
The Race for First
In order to be first in their field, many companies have joined forces to make it easier for others to use their services. Kondoudis believes so, having seen similar requests from companies seeking to expand their reach into the burgeoning virtual universes. He added:
The NYSE takes a proactive and forward-looking approach to make sure it remains the largest financial exchange in all of the metaverse.
Others financial firms are also taking the metaverse into consideration. JPMorgan is one such company. It recently opened Decentraland Lounge in Decentraland. This lounge, which was founded on the metaverse, and it’s already one of the largest investment banks worldwide.
This week, Victoria’s Secret, the famous lingerie company, also filed several trademark applications to offer its products in virtual worlds as NFTs.
What do you think about NYSE’s trademark application and potential push into the metaverse? Leave a comment below.
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