On October 1, 2023, the New York Stock Exchange (NYSE) introduced a plan to implement a blockchain for round-the-clock trading and immediate settlement of stocks and exchange-traded funds (ETFs). However, the announcement has raised eyebrows due to its vague parameters.

A professor at Columbia Business School, Omid Malekan, voiced his skepticism on social media, describing the NYSE’s plan as akin to “vaporware”—a term used for products that are announced yet lack a tangible form or clear implementation roadmap. He highlighted several critical questions still unanswered, such as which blockchain will be used, the nature of the tokens, and the economic model supporting them.

“Vaporware refers to a product that has been announced and hyped but does not exist in a functional form, often lacking concrete details on how the product will be implemented.”
Translation: The professor emphasizes that the NYSE’s proposal lacks clarity and promise.

Despite Malekan’s critiques, certain industry experts consider the NYSE’s tokenization initiative to be a potential boon for the blockchain sector. Carlos Domingo, CEO of the RWA tokenization platform Securitize, expressed optimism regarding on-chain trading of native tokenized assets.

As regulatory clarity and improved infrastructure pave the way, experts predict that the market for RWA tokenization could soar from $22.2 billion to an impressive $11 trillion by 2030.