In the "Multilinear Algebra" by W. Greub it is mentioned that for a vector space $V$ over the field $k$, one can define the 'Nolting Algebra'. Let's name it $N_V$ for the sake of discussion. Then,
$$ N_V = \bigoplus^\infty_{n=0} V^{\wedge 2n} $$
is a commutative subalgebra of the exterior algebra $\bigwedge V$. moreover, it seems that $N_V$ the centre of ${\bigwedge}V$ when $\mathrm{char} \; k \neq 2$ and $\dim V$ is even.
However I failed to find any other references bysides Greub "Multilinear Algebra" for the term "Nolting Algebra". So here is my question:
What is the convential name for the algebra of even exterior powers $N_V$?
Does $N_V$ has any other applications besides being sometimes the centre of $\bigwedge V$?