New York Stock Exchange (NYSE) File For Their Metaverse Trademarks Too

The New York Stock Exchange (NYSE) joins the long list of brands and companies applying for metaverse trademarks. This means that the world’s largest stock exchange is ready to explore and embrace the opportunities that the NFT space can offer.

NYSE is Headed to the Metaverse

The financial institution has filed a new trademark application to register the term “NYSE” for several crypto and financial products and services. Once approved, this will cover downloadable virtual goods, NFTs and more.

Trademark attorney Michael Kondoudis revealed the plans of NYSE to enter the Metaverse on Twitter. He wrote, “A new application filed on the 10th says that NYSE has plans to trademark NYSE for NFTs, cryptocurrencies, digital collectibles, and marketplaces to trade and exchange them.”

Brands and companies need to file trademarks in order to root out fake duplicates that have been on the rise. Leading NFT Marketplace OpenSea revealed that 80% of collectibles created with the free minting tool on the platforms are plagiarized works, fake or spam. In addition, the trademarks will enable entities to make money from their IP without physical goods.

Atty. Kondoudis added that the NYSE Metaverse trademark 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. The NYSE is clearing taking a proactive, forward-thinking approach to ensure that it is the leading financial exchange in the metaverse.”

US NFT Trademark Application on the Rise

According to Finbold, in 2021, NFT-related trademarks in the United States stood at 1,263, representing a 421 fold growth from the three filings in 2020. According to its data, “the filing accelerated over the last six months, surging 552.17% between August 2021 and January 2022. Notably, the United States Patent and Trademark Office (USPTO) received the highest ever filings in January at 450. The figure translates to about 15 filings per day.”

This love month, Victoria’s Secret has filed several trademark applications with the U.S. Trademark Office. The lingerie powerhouse intends to sell virtual undergarments, footwear, headwear, eyewear, bags, and fashion accessories. McDonald’s is also preparing for its metaverse move. Its 10 pending trademark application is requesting approval to “operate a virtual restaurant featuring actual and virtual goods.” The fast-food giant also wants to operate a virtual restaurant online featuring home delivery,” among other things.

The footwear and sneaker market is also heating up thanks to the early participation of Nike and Adidas. New Balance is preparing to drop digital goods in the metaverse. Meanwhile, Foam clogs maker Crocs, Inc. made it clear that their big next move this 2022 is to get into NFTs.

The key takeaway here is that even non-tech companies are increasingly making preparations to transition to a virtual market. Despite the NFT industry being in its infancy stage, businesses are willing to transform their organizations to capitalize on it.