NYSE launches its first NFTs

The New York Stock Exchange (NYSE) is launching its first Non-Fungible Tokens (NFT.)

NFTs are a unit of data which are stored on a blockchain, used to represent ownership of unique items. They can tokenise everything from property to art, and can only have one owner at a time.

Stacey Cunningham, president at NYSE, described the digital tech as tokens that ‘capture a moment in time.’

“They memorialise that moment using the blockchain’s digital ledger and provide irrefutable proof of authenticity and ownership,” she said.

The stock exchange will now use its First Trade NFTs as a way to mark the moment a company joins it.

“As a company’s market maker opens trading in their stock for the first time, its CEO strikes the NYSE First Trade bell, announcing the company’s official arrival on the public markets,” explained Cunningham. “Meanwhile, behind the scenes, 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.

She added: “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 organisation said that its first class of NYSE NFTs will celebrate the first trades of a number of notable listings, including Spotify, Snowflake, Unity, DoorDash, Roblox, and Coupang, which was the largest US IPO so far in 2021.

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