NYSE launches Spotify’s NFT “First Trade,” Snowflake and more

The New York Stock Exchange announced Monday that it would launch NFT “First Trade,” to commemorate the true first six-share trade on public markets.

NFTs or non-fungible tokens are a type of digital asset created to track the ownership of a virtual item using blockchain technology. These unique items could be a piece of art or sports trading cards.

During a company’s public debut, the exchange processes more than 350 billion orders, quotes and exchange messages in its markets on the busiest days, NYSE President Stacey Cunningham said in a post on LinkedIn .

Each message is recorded in the digital book of the bag.

“Not more a of these messages marks the NYSE First Trade: the exact moment a company went public, creating an opportunity for other people to participate in its success, “Cunningham said.” The NYSE First Trade NFT remembers that unique moment in a company’s history. “

NYSE’s first NFT class represents Spotify’s first trade, which executed the inaugural direct listing on the stock exchange.

In a direct quote, a company makes its debut by selling existing shares directly to the public instead of incorporating intermediaries.

The exchange’s NFT offerings also include Snowflake, the largest software IPO in history, as well as Unity, DoorDash, Roblox and Coupang, the largest initial public offering from 2021 to date.

NFTs have grown in popularity this year along with an increase in the values ​​of digital currencies such as bitcoin and ether. The market is growing rapidly, and some digital collections are being sold for millions of dollars.

Twitter CEO Jack Dorsey sold the first tweet for more than $ 2.9 billion on blockchain company Cent’s “Valuables” platform. Meanwhile, auction house Christie’s was looking for bids for a virtual work by artist Beeple that eventually sold for $ 69 million.

Investors can access NYSE’s NFT at crypto.com

– with reports from Ryan Browne of CNBC.