The New York Stock Exchange (NYSE) has registered a trademark application to offer digital currency and NFT trading services in the metaverse. The application, filed on February 10th, constitutes the first foray of the company into the concept of the metaverse. The organization might be competing with other exchanges and established NFT marketplaces in the future.
NYSE Takes Metaverse Seriously
The New York Stock Exchange (NYSE) is one of the first bourses in the world seeking to anticipate the rise of virtual worlds and the business opportunities associated with them. The company filed a trademark application on February 10 to offer trading services using augmented and virtual reality tools, this meaning that the NYSE might be thinking of opening a metaverse-based trading platform.
The applications mention several keywords, including:
Downloadable virtual reality, augmented reality, and mixed reality software; downloadable software for enabling users to experience virtual reality and augmented reality visualization, manipulation, and immersion.
The filings also mention the technology for offering trading services for NFTs and digital currencies. This would put NYSE as a direct competitor to other already established markets such as Opensea and Rarible. According to Michael Kondoudis, a trademark lawyer, this is proof of the importance of the metaverse as part of the business model of the financial institution. He stated:
This filing is the latest confirmation that the metaverse is real and businesses need to plan accordingly. Businesses no longer need to wonder if it is going to happen. It is just a matter of when.
A Race to Be First
Companies are rallying to offer their services in the metaverse to gain advantage as first movers. This is the opinion of Kondoudis, who has reported several similar applications of companies trying to push their presence into these burgeoning virtual worlds. He stated:
The NYSE is clearing taking a proactive, forward-thinking approach to ensure that it is the leading financial exchange in the metaverse.
Other financial companies also seem to be taking the metaverse seriously. This is the case with JPMorgan, one of the biggest investment banks in the world, that just recently opened a lounge in Decentraland, a metaverse-based platform.
This week, Victoria’s Secret, the famous lingerie company, also filed several trademark applications to offer its products in virtual worlds as NFTs.