NYSE Introduces “First Trade” NFTs Linking Six Stocks On Public Markets
On Monday, April 12, the New York Stock Exchange (NYSE) announced its decision to dip its toes in the wildly emerging NFT market. NYSE launched its “First-Trade” NFTs that memorialize the first trade of six companies listed on its platform.
NYSE said that it is taking the “First Trade Slips” for six NYSE companies while minting them simultaneously as on-fungible tokens on the platform. The official announcement from NYSE states:
“When we decided to mint the NYSE’s first NFTs it was fitting that we chose to memorialize that particular one-of-a-kind moment. Our first class of NYSE NFTs celebrates the First Trades of these notable listings: Spotify, which executed the first ever Direct Listing, Snowflake, Unity, DoorDash, Roblox and Coupang, the largest U.S. IPO so far this year”.
All the six NYSE NFTs are available for trading on the Crypto.com platform. Besides, the exchange also added that although they are starting with six NFTs, they will soon bring more NFTs to the platform.
The NYSE NFTs use the blockchain digital ledger to memorialize the first trade of these six companies. Thus, it provides “irrefutable proof of authenticity and ownership”.
Converting Trade Messages to NFTs.
Soon after the official announcement by the exchange, NYSE president Stacey Cunningham shared in her Linked post. She said:
“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”.
Lastly, NYSE notes that it will continue adopting the path of innovation. “We were the first with Direct Listings and at the forefront of the emergence of SPACs. Now we want to help drive this new wave of NFT innovation,” said the exchange.
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