Intercontinental Exchange Inc ICE-owned New York Stock Exchange’s President Stacey Cunningham said Monday that the company would launch non-fungible tokens to mark the first true trade of six publicly listed companies.
What Happened: The “NYSE First Trade” NFTs celebrate the first trades of Spotify Technology SA SPOT, Snowflake Inc SNOW, Unity Software Inc U, DoorDash Inc DASH, Roblox Corp RBLX, and the largest U.S. IPO of the year, Coupang Inc CPNG, according to post by Cunningham on LinkedIn.
Cunningham revealed that during a company’s public debut, the exchange processes over 350 billion order, quote and trade messages across their markets on the busiest days.
“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,” wrote the executive.
The First Trade NFT “memorializes that unique moment in a company’s history,” as per Cunningham.
Why It Matters: Cunningham said that while the NYSE will launch with six such NFTs many more NFTs from the exchange are yet to come.
Late in March, a column was put on sale as an NFT by a journalist working for the broadsheet published by the New York Times Co NYT, which sold for over $500,000.
The popularity of the tokens can be gauged from the fact that Twitter Inc TWTR and Square Inc SQ CEO Jack Dorsey was able to secure a 1630.58 Ethereum (ETH) or $2.5 million winning bid for his first-ever tweet.
ETH traded 1.31% higher at $2,165.80 at press time.
Price Action: Intercontinental Exchange shares closed nearly 0.5% higher at $117.71 on Monday.
Photo courtesy: Kevin Hutchinson on Flickr
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