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Apr 13, 2021
New York Stock Exchange to Launch “First Trade” NFTs
New York Stock Exchange, the largest stock exchange in the world, is all set to launch its first trade in six new Non-Fungible Token (NFTs). The first trade NFT launch is to memorialize the true first trade of Spotify, Unity, DoorDash, Snowflake, Roblox, and Coupang.
NFT: a Proof of Ownership
The release by the New York Stock Exchange reads,
“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 NYSE NFTs celebrate 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.”
Non-Fungible Tokens or NFTs, are a type of digital data stored on the digital ledger. The token facilitates the tracking of ownership of a virtual item using blockchain technology. These are used to represent unique items, for example, a piece of art or sports trading cards, videos, audio clips, or any type of digital file.
NYSE President Stacey Cunningham on LinkedIn mentioned that;
“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,” Cunningham said. “The NYSE First Trade NFT memorializes that unique moment in a company’s history.”
The New York Stock Exchange has Published Six NFTs, Many More to Follow
So far, the exchange has published six NFTs. However, the way to release more NFTs in near future is clear. A statement from NYSE President Stacey Cunningham reads;
“While we are starting with these six, we know there will be many more NYSE NFTs to come as we continue to welcome new, innovative companies to our community.”
In a direct listing, a company makes its debut by selling existing shares directly to the public instead of bringing in intermediaries.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
A student from a technical background, Deepshikha found Bitcoin in 2020 and has been an evangelist ever since. A B.Tech turned into a full-time crypto-writer, she tries to bridge the gap that currently exists between the crypto world and people from non-technical backgrounds, through her simplistic yet effective form of writing. She finds that her writing for cryptocurrencies can redefine the way the audience interacts with the crypto space.