The NYSE “First Trade” non-fungible tokens (NFT) will mark the milestone of stocks going public. The series will feature NFTs based on some of the biggest IPOs debuting in 2021.
The New York Stock Exchange (NYSE) will issue NFTs based on the first transactions of six of the biggest stocks.
NYSE President Stacey Cunningham made the announcement on April 12, calling it a “new, fun way to mark the moment a company joins the NYSE.”
The first six companies include Coupang, DoorDash, Roblox, Snowflake, Spotify, and Unity. When a company goes public for the first time, the CEO will mark the first trade, which will then be turned into an NFT. Cunningham said that it “memorializes that unique moment in a company’s history.”
Coupang is the year’s biggest IPO, while DoorDash and Snowflake have also made headlines for their public listings. The Roblox first trade NFT was certified on March 10 and the other NFTs are visible on the NYSE website. Crypto.com also revealed a partnership with the NYSE.
Saying that it wants to drive this new wave of NFT transactions, the NYSE minting NFTs is a clear indication that the niche has hit the mainstream. Several major names in various industries have either released or plan to release their own NFTs.
The response from the crypto community has been mixed. Uniswap founder Hayden Adams cheekily pointed out that Uniswap introduced far more trading pairs in one year than the NYSE had in 228.
NFT popularity shows no sign of slowing down
The NYSE is the latest in a long line of new entrants to the NFT market. Musicians The Weeknd and Grimes, plus Elon Musk, and the NBA are just some of the many names dealing with NFTs.
The popularity is driven by a hunger for exclusive access to celebrated moments. This includes sports, gaming, and now even stock trading. NFTs continue to sell for high figures, and its popularity has even eclipsed that of decentralized finance (DeFi).
One reason why NFTs are so popular is that they’re far more accessible than getting involved in Yield farming programs. Many had thought that DeFi would finally bring the mainstream public into crypto. However, DeFi remains a process that requires a bit more know-how to get involved in.
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