The New York Stock Exchange (NYSE) announced yesterday that it will mint six NFTs on financial services company Crypto.com’s new NFT platform. The NFTs will each mark the first trade of a company on its IPO day.
The six companies, Spotify, Doordash, Roblox, Snowflake, Coupang and Unity are all software companies which have had their IPOs in the last three years, suggesting NYSE is producing NFTs for the tech-forwardn crowd.
The NFTs will be gifted to the companies to celebrate their success and are meant to represent the “First Trade Execution Report,” a unique set of coded numbers which traditionally are physically displayed in the trophy case of the newly public company.
Long Game or Hype Game
“To own the first Roblox or Spotify trade… I mean these are products millions of people use every day, how f’ing cool is that?!?” Blue Kirby, a DeFi Twitter personality and former Yearn Finance marketer, said in an interview. “So many NFTs are coming out now but the market will eventually decide what’s valuable and what’s not. As a betting man I think the odds are pretty good the NYSE is still around 50 years from now.”
But not everyone was thrilled at what’s perceived to be a rush from non-crypto companies ––and in the case of NYSE, companies ripe to be disrupted by crypto–– to opportunistically hop on the NFT wave.
“They continue losing market share to crypto exchanges and to try stay relevant, they try piggyback off the NFT hype without even listing bitcoin,” another crypto influencer, BIT LORD, told The Defiant.
Opportunistic or not, the world’s largest stock exchange in terms of listed companies’ market capitalization, announcing its first NFTs to its 1.6M Twitter followers is sure to bring even more attention to the emerging space.
[UPDATED 4/14 @12PM TO CORRECT BLUE KIRBY’S TITLE]