NYSE Joins NFT Craze By Launching “First Trade” Tokens
Since its meteoric rise that garnered the attention of celebrities, tech moguls and storied auction houses, the non-fungible token (NFT) space has taken another giant stride.
Earlier this Monday, the New York Stock Exchange (NYSE) announced that it had minted six NFTs to commemorate notable public listings in the past.
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
Dubbed “First Trade”, these non-fungible tokens will go on sale as digital memorabilia of public debuts by companies. The first collection of NFTs will feature Spotify, Snowflake, Unity, Doordash, Roblox, and Coupang.
Many of these companies have been monumental achievements for the world’s largest stock exchange. Snowflake, for example, set the record as the largest software IPO in history with a $33 billion valuation. Spotify was the first ever company to opt for a direct listing on the exchange, whereas Coupang set the record for largest IPO in 2021 at a valuation of $109 billion.
In a blog post on Monday, NYSE President Stacey Cunningham explained the purpose of the NFTs: “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.”
“The NYSE First Trade NFT memorializes that unique moment in a company’s history,” she added.
Enlisting the help of the marketplace platform on Crypto.com, NYSE will gift the tokens to the respective companies for future sale. They are currently available for viewership.
While Cunningham hinted towards dropping future collections, it’s still hard to say whether NYSE will continue to ride the trend. Since peaking in late-February and March, the NFT space has continued to cool off from its red-hot speculative frenzy.
Featured image from UnSplash
OhNoCryptocurrency via https://www.ohnocrypto.com/ @San Lee, @Khareem Sudlow