The New York Stock Exchange (NYSE), the world’s largest stock exchange by market capitalisation, has decided to jump on the Non-Fungible Token (NFT) bandwagon, by minting its first set of NFTs.
The NYSE has issued various NFTs that are available through the US-based crypto exchange, Crypto.com. The NFTs will represent 6 stocks: Coupang, a South Korean e-commerce company that boasts the largest U.S. IPO so far this year; food delivery company DoorDash; gaming platform Roblox; cloud computing-based data warehousing company Snowflake; Unity, and media streaming services company, Spotify.
In an announcement via LinkedIn, The NYSE’s president, Stacey Cunningham, described NFTs as a “new, fun way to mark the moment a company joins the NYSE”.
The NYSE’s announcement received a mixed response on social media, with many Twitter users criticising the listing, claiming that it would be easier to rather just buy the actual stock.
Although there has been some criticism, the NYSE’s NFTs could surprise us with some hefty price tags. Similar tokens issued by Forbes and the New York Times have already sold for hundreds of thousands of US Dollars this year. A single column in the New York Times was tokenized for charity in March 2021, successfully raising more than $550,000.
It will be interesting to see what prices the NYSE’s NFTs will bring. Only time will tell if the NFT craze is over, or if it has only just begun.
Feature image by Richard Whitesell from flickr