- New York Stock Exchange (NYSE) has decided to release its own non-fungible tokens (NFT) commemorating significant stocks’ initial trades.
- This recent move has crypto enthusiasts on their toes with excitement.
- Ostensibly, this move is to cash in on the major hype of NFTs in the current times.
The public frenzy surrounding NFTs are very new, yet they are monumental. The possibility of tokenizing any tangible or intangible item via an NFT has paved the way for revolutionizing the collectibles space. As several TV stars and artists have already begun issuing NFTs, the public is only more attracted to the proposition. The New York Stock Exchange has also decided to cash in on the recent hype and has agreed to release its own NFTs.
Marking major milestones
Six listings of companies that have had a significant impact on the exchange will have their first trades tokenized. Those companies include Snowflake, Unity, DoorDash, Roblox, Coupang – the biggest IPO in US history and Spotify – the first company to issue shares via Direct listing. NFTS has been issued via the popular trading platform Crypto.com. Once these tokens are up for sale, it would surely rake in a whole lot of new revenue for the stock exchange.
A mixed bag of feelings
Crypto enthusiasts had mixed feelings upon hearing the news. While most of them seemed happy with the decision, a few of them, including Arjun Balaji of Paradigm Venture Capitalists, jokingly remarked that a new decentralized exchange would be the way forward. Dan McArdle, the co-founder of the analytics firm Messari Inc., commented that this recent move is just a result of fear of missing out on new and happening trends. However, a deeper ploy may be in place to gain ground over NYSE’s rival – the NASDAQ exchange.
Coinbase’s IPO, scheduled for release on April 14, will be via a direct listing on the NASDAQ exchange. To counter this, NYSE may have strategized this plan. Moreover, it has also vocally expressed its adoption of shell companies, including Special Purpose Acquisition Vehicles (SPACs), which are dummy companies to bring other companies to the fore. NYSE has stated that it will drive the NFT revolution for the years to come.
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