© Reuters.
Investing.com – The New York Stock Exchange has signaled that it may venture into the world of cryptocurrencies and non-fungible tokens. The NYSE would seek to provide an “online marketplace for buyers, sellers, and traders of downloadable digital goods authenticated by non-fungible tokens (NFTs).”
Over the past year, NFTs have exploded in popularity and found mainstream adoption. Over $25 billion worth of NFTs were traded in 2021, much of which came from collectible avatar projects like Bored Ape Yacht Club and digital art collections like Art Blocks.
The NYSE NFT Marketplace will compete with dominant market players including OpenSea, LooksRare, Rarible and others. Also, this is not the first time the NYSE has shown interest in NFTs. In April last year, the exchange launched six NFTs on Crypto.com’s NFT exchange to commemorate notable listings of tech stocks such as Spotify (NYSE:), Snowflake, Unity, DoorDash, Roblox and Coupang. .
The NYSE said it has no near-term plans to offer clients an NFT-focused trading service. She adds that she “regularly reviews new products and their impact on our brands and protects its intellectual property rights accordingly.”
Additionally, the NYSE’s parent company, Intercontinental Exchange, already operates a cryptocurrency exchange called Bakkt. The exchange has faced several regulatory hurdles, which has resulted in the loss of 90% of its value since its launch in October 2021.
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