OK, we at FintekNews cover the fintech sector and financial markets with all their new technology and disruptive innovation, BUT now NASDAQ has turned on us. By leveraging their financial network, they have launched a new advertising contract (NYIAX) running on blockchain which guarantees contracts between advertisers and publishers. Somehow this new contract will ‘revolutionize’ the media industry for the really big “players” but that usually means more efficient pricing (meaning lower rates) across the board. FintekNews says “quit disrupting us, you big bad guys.”
“Today, the world’s first guaranteed advertising contract exchange – NYIAX (New York Interactive Advertising Exchange) – was announced. The new exchange will operate on Nasdaq’s world-renowned technology and leverage the Nasdaq Financial Framework architecture. NYIAX will be the first exchange to be deployed in the cloud and also run on blockchain technology.
“NYIAX is a trading platform that brings Wall Street to Madison Avenue through a Nasdaq-powered, seamless global exchange that allows publishers and advertisers to buy, sell and re-trade premium advertising inventory as guaranteed contracts,” said NYIAX CEO Lou Severine. “By enabling guaranteed digital media contract trading with efficiency, transparency and ease and providing the proprietary matching engine and trading tools trades require, NYIAX helps advertisers and publishers dominate the $72 billion US digital advertising landscape they command1. Once the exchange achieves critical mass within digital, we will begin supporting TV, print, radio and out-of-home markets.”
NYIAX benefits media buyers by providing a transparent and trusted market to secure and re-trade premium future advertising inventory. Publishers benefit from the capabilities it provides to help them increase revenue by growing sell-through, retaining higher CPMs and reducing fees. For advertisers, the exchange delivers a new way of discovering and purchasing inventory. Through greater transparency and forecasting, advertisers are also able to secure the premium inventory they need in advance.
Chief Product & Technology Officer, Richard Bush, is currently overseeing the onboarding of a select group of premium companies on the NYIAX platform. Once the pilot program is complete in late 2017, NYIAX will incorporate trading use cases, benefits and details into the training it rolls out to ensure all clients have the tools and tips needed for proficient platform use.
“Trading, a vital part of other market sectors, has now come to media. With the ability to trade guaranteed media contracts, advertisers and publishers can now be efficient and rid themselves of unnecessary costs and risks,” said Bush.
NYIAX’s exchange pushes the market forward by providing both a common taxonomy and standard interface to accelerate market growth and reduce fragmentation. The Nasdaq Matching Engine and other proven exchange data models and technologies provide the foundation on which Bush and his team created the NYIAX platform. NYIAX and Nasdaq also co-created the other modules necessary to specifically serve advertisers and publishers.
“We are proud to support NYIAX on its groundbreaking new venture, and making it possible for the company to build a strong and efficient exchange that’s a unique development in the adtech space,” said Lars Ottersgård, Executive Vice President and Head of Market Technology, Nasdaq. “As a global leader for exchange technology, we can adapt our platform to accommodate a wide variety of market rules, asset classes and new technology innovations. NYIAX is leveraging our Nasdaq Financial Framework architecture, which draws on cutting-edge technology, including the integration of blockchain technology as our core ledger, as well as cloud-enabled trading and clearing capabilities.”
Source: Nasdaq GlobNewswire