The New York Stock Exchange or NYSE has adopted the new trend of launching Non-Fungible Tokens or NFTs by becoming the first stock exchange to roll out a series of NFTs that celebrate the first trades of six companies. The NYSE First Trade NFT memorializes that unique moment in a company’s history.
The first series of NYSE NFTs celebrates the First Trades of the historic listings of Spotify, which executed the first ever Direct Listing, Snowflake, Unity, DoorDash, Roblox and Coupang, the largest U.S. IPO so far in 2021. These six NFTs are already listed on Crypto.com’s NFT marketplace, which was launched earlier in April.
According to a post on Linkedin by NYSE President Stacey Cunningham claims NYSE First Trade NFTs to be “a new, fun way to mark the moment a company joins the NYSE.”
The NFTs are made of a 10-second video clip that shows the information about the company’s first trade along with the time, date, and listing price. Each message is recorded in NYSE’s trading platform’s digital ledger and the NFT is made out of the exact moment a company became public, the one message that marks the NYSE First Trade.
NFTs capture a moment in time. They memorialize that moment using the blockchain’s digital ledger and provide irrefutable proof of authenticity and ownership.
NFT is a crypto token, which is non-fungible, meaning that it can neither be transferred like money nor replaced with something else. This type of token is gaining popularity among artists and content creators as this can protect their pieces of art like painting, songs, videos, tweets, etc.
NFTs are pieces of tokenized content that are verifiably unique, with the authenticity, rarity, and scarcity, and are secured on blockchain. They are typically built of Ethereum, though other blockchains like TRON and NEO can be used. The NFT transaction is executed on blockchain using smart contracts to store and record their unique information.
When a person buys an NFT of a collectibles and rare items of art and music, he receives a token containing the same only and does not get ownership rights. NFTs are currently the hottest product in the digital asset space, with celebrities launching NFTs for their art and music collections as another revenue stream for their work.
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