The rapid growth of the cryptocurrency market, which had seen the rise of many digital assets in the space, has birthed the rise of the Non-fungible tokens (NFTs) space. NFTs are a unique piece of work that is crafted off the Blockchain space and have continued to see their fortunes plummet since the beginning of the year. However, the space’s growth, which had seen many of its top players earn massive revenues, has started to attract many new players into the booming market. Surprisingly, the New York Stock Exchange (NYSE) is likely tired of dealing with stocks alone, as they have now announced yesterday that they will be issuing NFTs.
McArdle believes NYSE is tempted by the funds being generated by the NFT space
The confusion of many crypto analysts started yesterday when the NYSE announced that it would be offering NFTS, alongside the stocks it is known for. The NFTs issuing will be made available via a partnership with a popular crypto exchange- Crypto.com, tasked with creating the NFTs into stocks. The NYSE’s six available NFT offerings are Coupang, DoorDash, Roblox, Snowflake, Spotify, and Unity.
The NYSE’s new offerings have continued to be debated by many crypto analysts on social media, with crypto data analytics Messari co-founder- Dan McArdle believing that NYSE is tempted by the funds being generated by the Blockchain space. McArdle believes that the NFT space is very attractive at the moment, and he is not surprised that many individuals, including celebrities and traditional firms, are rushing to the space.
Surprisingly, this is not the first time the NYSE has been trying to familiarize itself with the crypto community, as the stock giants have previously suggested in one of its editorials that they are one of the prominent names who are backing Coinbase to go public.
NYSE investors can purchase the six new NFTs on Crypto.com
In the New York stock giants’ official statement, they believe that they are one of the most innovative bodies in America and will likely continue to build on their prowess. They have also confirmed to their investors that they can now begin to trade the six new NFTs on the Crypto.com platform.
NYSE also confirms that, just like how they propelled the emergence of exceptional purpose acquisition companies (SPACs), they want their presence in the NFT space to drive the booming crypto space’s growth. NYSE believes that there is a lot of potential in the NFT space, and they believe that their emergence as a top name in the space will drive the fortunes of the market to an unprecedented boom.
The adoption of NFTs by NYSE further shows the massive growth in the crypto market’s fortune, which has continued to witness an upturn in fortunes. Beeple’s $69.3 million sales of his NFT piece in February, which is the most expensive item off the space, has continued to pave the way for the relatively unpopular space.