New York Stock Exchange to Launch “First Trade” NFTs

Deepshikha  |  Apr 13, 2021

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.

Related News