The New York Stock Exchange (NYSE), the world’s largest stock exchange by market capitalization, has jumped on the non-fungible tokens (NFT) bandwagon, launching an NFT collection for a selected number of stocks listed on its platform.
- In a tweet thread on Monday (April 12, 2021), the NYSE announced it is launching the “NYSE First Trade NFTs” to commemorate the first trade of six companies listed on the exchange. The tokens would be minted on the blockchain.
- The companies include streaming and media services company Spotify, online food delivery company DoorDash, Unity3D, Snowflake, online game platform Roblox, and Coupang, the company with the largest U.S. initial public offering (IPO) so far in 2021.
- According to the NYSE, a company’s first trade on the exchange after listing is a milestone, and issuing the NFTs is a perfect way to remember such memorable moments.
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
Furthermore, the stock exchange giant’s foray into NFTs could help drive momentum for the industry.
“Innovation is what we do at the NYSE. 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.”
- Investors interested in the NFTs can access the collection on CryptoCom.
- Although the NYSE has rolled out its first collection, the exchange’s president Stacy Cunningham said that the company could launch more in the future.
“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.”
- The NFT industry has seen tremendous growth in 2021, with various sectors and personalities adopting the latest trend. As previously reported by CryptoPotato, the WWE launched The Undertaker NFT to display iconic moments of the legendary ex-wrestler.
- Also, the U.S. Major League Basketball (MLB) said it would leverage NFTs to boost fans’ interest. Actress Lindsay Lohan also joined the NFT mania, with plans to release an exclusive NFT collection on the TRON network.
Featured image courtesy of Quartz.