The New York Stock Exchange is the latest entity to move into the space of NFT marketplaces, according to reports.
The NYSE reportedly filed a trademark application to register “NYSE” as a marketplace for NFTs, or non-fungible tokens. In doing so, the 230-year-old stock exchange enters an already crowded field dominated by startup players.
NFT marketplaces have formed and raised millions of dollars in venture funding to facilitate the buying and selling of digital collectibles.
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There are around 60 companies that operate in the NFT marketplace space, Crunchbase data shows. OpenSea leads with by far the most funding after it last raised a $300 million Series C in January that valued it at $13.3 billion. AgoraLV and Rarible are among the other notable NFT marketplaces.
NFTs took off last year as Bitcoin prices reached a record high and interest in digital assets grew. NFTs are like digital collectibles–the ownership is recorded on the blockchain and, while copies can exist, there’s something to be said about being the owner of the original. Memes, digital art and tweets are among the assets that have been minted and sold as NFTs. (You can read more about why VCs have been investing in NFT marketplaces here.)
The NYSE’s move to establish a marketplace for NFTs is significant because it shows how mainstream NFTs are becoming. If an institution as established as the NYSE is getting in the game, NFTs are no longer for the extremely online.
Illustration: Dom Guzman
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