The Crypto Community Is Perplexed by NYSE’s Foray into NFTs

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The New York Stock Exchange (NYSE) announced this Tuesday that it will now start issuing non-fungible tokens, or NFTs, to memorialize the pioneering trades of some of the world’s most important stocks. The exchange’s lineup of NFTs notably includes tokens related to prominent gaming firms Roblox and Unity, music streaming titan Spotify, delivery service platform DoorDash, cloud computing firm Snowflake, and South Korea-based e-commerce firm Coupang.

As per the announcement, the tokens are set to be listed on Crypto.com, which is actually also the home for other high-profile NFT sellers such as Aston Martin and Snoop Dogg.

While mainstream institutions’ entry into blockchain and crypto are ultimately welcome, many from the industry felt confused about this move by the NYSE.  Co-founder of Messari, Dan McArdle, stated that traditional players feel left out from time to time and somehow manage to find a way to participate in the least meaningful manner. McArdle then compounded this with several examples of celebrities haphazardly launching their own coins and NFTs and companies adding the word ‘blockchain’ to its branding without knowing what it actually meant.

In response to the doubts thrown their way, the NYSE tweeted that innovation is at the forefront of its efforts. The exchange then reminded everyone that it is the first to incorporate direct listings and is the principal reason for the emergence of special purpose acquisition companies (SPACs). This time, it wants to help navigate the NFT craze towards the right path, says the exchange.

As of press time, NYSE’s NFT token offerings have not yet garnered any bids.

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