17 Feb 2022 Marsha Tusk
New York Stock Exchange Wants To Launch Marketplaces For Trading NFT, Metaverse, And Cryptos
The world's largest marketplace for securities and other investments instruments, The New York Stock Exchange (NYSE), filed a trademark application with the US Patent and Trademark Office on February 10, to register NYSE as a marketplace for NFT, metaverse, and crypto-related products.
“The NYSE regularly considers new products and their impact on our trademarks and protects our intellectual property rights accordingly,” а spokesperson at the marketplace stated, adding that the NYSE has no immediate plans to launch crypto or NFT trading products.
NYSE’s move is a clear indicator of how mainstream NFTs are becoming. Furthermore, the largest investment marketplace in the world plans to delve into the metaverse, offering virtual reality, augmented reality, and mixed reality software.
The trademark license filing also shows that the NYSE plans to establish an online marketplace for traders, buyers, and sellers of virtual and digital assets, as well as its own cryptocurrency, though it is not clear if it will continue actualizing the plan.
Crypto is not a first for NYSE
Despite filing such an application for the first time, NYSE has a good background in digitizing assets under its marketplace. For instance, NYSE made several NFTs to commemorate six IPOs, including Spotify, Snowflake, Unity, DoorDash, Roblox, and Coupang. In October 2021, NYSE allowed investors indirect exposure to the world’s largest crypto to date – Bitcoin, via the ProShares Bitcoin-based exchange-traded fund (ETF). The ETF NYSE listed allows investors the option to invest in the cryptocurrency without directly holding it, via conventional broker accounts.
NYSE’s steps towards digital assets echo the behavior of major institutions to embrace the crypto sector, especially after the COVID-19 market wipeouts left stock floors empty. COVID-19 pushed marketplaces like NYSE to seek an alternative to traditional trading various instruments like equities, bonds, commodities, exchange-traded funds, mutual funds, futures, options, contracts for difference, and other products, from a single place, without the need of going to the physical market.
The crypto adoption continues
Apart from financial institutions, governmental bodies are also on the lookout for implementing cryptos. For instance, Colorado residents will be given the option to pay their taxes with cryptos, according to state governor Jared Polis.
Polis has also set out the timeline for the change, which has been a long-term goal for the state.
“We expect by this summer to accept crypto for all of our state tax-related purposes. And then we plan to roll that out across all state government for things — could be as simple as a driver’s license or hunting license,” Polis noted.
The decision comes amid ongoing crypto adoption by Americans, with data from Pew Research showing that around 16% of Americans have invested in digital assets of some sort.
Colorado’s governor has been a long-time supporter of crypto assets. Polis even accepted Bitcoin donations for his political campaign.
“It’s important that people know from a state perspective, we cannot be in the business of having exposure to a market where securities, including cryptocurrencies, fluctuate. In our case, we wouldn’t hold it as bitcoin, as ethereum.” Polis stated during an interview for CNBC.
However, Polis indicated that his desire to accept cryptocurrency tax payments would not expose the state to the not yet fully regulated crypto market, since all crypto taxes would be converted to US dollars.
Furthermore, Colorado’s approach runs counter to the US federal government’s views for Bitcoin. The FED thinks that anyone who wants to pay taxes with cryptocurrency must first pay tax on their holdings. Also, financial regulators are still wary about interacting with cryptocurrencies, with SEC Chair Gary Gensler naming the crypto sector as the “Wild West” of finance.cryptocurrencies cryptocurrency news crypto news digital asset Stock Exchange taxes NFT non-fungible token