The New York Stock Exchange has filed an application to register the term NYSE for a marketplace for non-fungible tokens NFTs, making it a step closer to setting up an online trading place for cryptocurrencies and NFTs.
The hype around cryptocurrencies last year spilled over to NFTs, a form of speculative investment that attracted fans including former US first lady Melania Trump and Jamaican sprint great Usain Bolt.
Companies in this sector have been backed by the heavyweights Microsoft Corp and SoftBank Group Corp. If the NYSE opens a new marketplace, it would compete with SuperRare, Rarible and NFT, which was valued at $13.3 billion after its latest funding round.
A spokesman for the NYSE said it had no immediate plans to launch cryptocurrencies or NFT trading.
The NYSE regularly considers new products and their impact on our trademarks, and protects our intellectual property rights accordingly, the spokesperson said.
NFTs have left many baffled as to why so much money is spent on items that do not physically exist. Some believe that the industry is saturated by scammers and too often rewards viral art of low quality.
The NYSE minted its first set of NFTs in April of last year, commemorating the first trades of six notable listings.
The exchange would also provide an online marketplace for buyers, sellers and traders of virtual and digital assets, artwork it said in a Feb. 10 filing with the U.S. Patent and Trademark Office.