13 Apr 2021 · 2 min read

NYSE Picks Crypto.org Chain For Its NFTs

The New York Stock Exchange (NYSE) has become the latest big name to join the non-fungible tokens (NFT) sector – but its decision to launch what it calls the NYSE First Trade NFTs has seen it make a somewhat unorthodox choice of blockchain protocols.

Source: Adobe/kmiragaya

The company said it was using Crypto.org Chain, a decentralized open-source public blockchain launched by Crypto.com (CRO), for minting its NFTs rather than Ethereum (ETH).

"NFTs will be minted on the Crypto.org Chain. The NFT platform will be integrating with more protocols for minting in the future, including Ethereum,” Joe Conyers III, EVP, Global Head of NFTs at Crypto.com, confirmed to Cryptonews.com.

Although a number of Ethereum competitors have set themselves up as NFT rivals to the protocol in recent months, uptake appears to have been relatively slow thus far, and the majority of NFT issuers still make use of Ethereum.

Meanwhile, in a series of tweets, the NYSE stated that its “first class” of NFTs would mark some of the exchange’s biggest-name recent listings, including the streaming giant Spotify, its first-ever direct listing, as well as much-hyped listings from Snowflake, DoorDash, Unity and Roblox – as well as the South Korean e-commerce heavyweight Coupang.

Source: A screenshot, crypto.com

The NYSE wrote,

“Innovation is what we do at the NYSE. We were the first with direct listings and at the forefront of the emergence of [special purpose acquisition companies] Spacs. Now we want to help drive this new wave of NFT innovation.”

The exchange called the NFTs a “fun way” to mark the recent listings and added that the NFTs would consist of digitized “First Trade Slips” for the six listings.

On a dedicated webpage, the NYSE teased more NFTs to come, writing, that they're starting with six NFTs, "but we know there will be many more NYSE NFTs to come as we continue to welcome new, innovative companies to our community.”

NYSE declined to comment when contacted by Cryptonews.com.
Learn more:
- Crypto.com Aiming to Hit 100 million User Target by 2023 as CRO Surges
- GameStop Mulls NFT Expansion While Market Is Still Slowing Down
- Money Laundering Might Taint NFTs Too, Prepare For Tighter Controls
- Why Would Anyone Buy NFT – A Link To A JPEG File?
- Check These 4 Make-Your-Own-NFT Platforms
- Non-Fungible 2021: Prepare Your NFTs For DeFi, Staking, and Sharing
(Updated on April 14, 12:04 PM UTC with the last sentence.)