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NFT Versions Of Snowflake, Unity, Doordash, Coupang's First Trade On NYSE Coming Soon

April 13, 2021 12:49 am
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NFT Versions Of Snowflake, Unity, Doordash, Coupang's First Trade On NYSE Coming Soon

Intercontinental Exchange Inc (NYSE: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 (NYSE:SPOT), Snowflake Inc (NYSE:SNOW), Unity Software Inc (NYSE:U), DoorDash Inc (NYSE:DASH), Roblox Corp (NYSE:RBLX), and the largest U.S. IPO of the year, Coupang Inc (NYSE: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 (NYSE:NYT), which sold for over $500,000.

The popularity of the tokens can be gauged from the fact that Twitter Inc (NYSE:TWTR) and Square Inc (NYSE:SQ) CEO Jack Dorsey was able to secure a 1630.58 Ethereum (ETH) or $2.5 million winning bid for his first-ever tweet.

See Also: 7 Strange Things You Can Own As A Non-Fungible Token (NFT)

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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