Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The new NYSE NFTs are available for sale on Crypto.com and represent the first trade of different public listed companies on the exchange.
On Monday, April 12, one of the world’s largest stock exchanges – The New York Stock Exchange (NYSE) – announced the launch of its non-fungible tokens (NFTs). Dubbed as “First-Trade” NFTs, they memorialize the first trade of six publicly listed companies on the exchange.
One of the NYSE’s NFTs represents the first trade of Spotify Technology SA (NYSE: SPOT) which was a direct listing on the exchange. Others include Roblox Corp (NYSE: RBLX), Unity Software Inc (NYSE: U), Snowflake Inc (NYSE: SNOW), DoorDash Inc (NYSE: DASH), and Coupang Inc (NYSE: CPNG).
1/6: It’s a major milestone when a company lists on the NYSE and begins trading for the first time.
Today, we’re celebrating that moment by launching NYSE First Trade NFTs. https://t.co/jyZjzESP7P
Why are we doing this?
— NYSE 🏛 (@NYSE) April 12, 2021
As said, the NYSE NFT memorializes the company’s First Trade using the blockchain distributed ledger. Thus, it helps to provide “irrefutable proof of authenticity and ownership”. NYSE further added:
“The First Trade is the exact moment a company becomes public, creating an opportunity for others to share in its success. We’re taking the “First Trade Slips” for six NYSE listings and minting them as non-fungible tokens on the blockchain”.
Non-fungible tokens (NFTs) have gained massive popularity in recent times and NFT has now become a multi-billion dollar market. Over the last few months, some NFTs have garnered ten-of-millions-od-dollars in sales. Explaining how these NFTs work, NYSE President Stacey Cunningham writes:
“NYSE technology is processing over 350 billion order, quote and trade messages across our markets on our busiest days, more than any other exchange in the world. Each message is recorded in our trading platform’s digital ledger. Only one of those messages marks the NYSE First Trade: the exact moment a company became public, creating an opportunity for others to share in their success”.
NYSE Impressed by the Explosive Growth of NFTs
As said, the NFT market has registered massive demand in recent times generating massive sales and revenue for the owners. Beeple’s digital artwork NFT that sold for a whopping $69 million creates much noise in the market. Also, the NBA Top Shots has been one of the most active NFT marketplaces with over $300 million in sales.
The craze around NFTs has pulled some of the big players from different markets. The NYSE NFTs come with a 10-second highlight of the first trade slips for all the listed companies mentioned above.
NYSE said that as it embraces the new innovative technology, it will come up with many more such NFTs in the future.