A guaranteed advertising contract exchange called NYIAX (New York Interactive Advertising Exchange) was announced today. Operating on Nasdaq’s cloud and blockchain technology , the pilot program for the new venture is scheduled to be completed in late 2017.
“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 command. Once the exchange achieves critical mass within digital, we will begin supporting TV, print, radio and out-of-home markets,” he added.
Chief Product and Technology Officer, Richard Bush, is currently overseeing the onboarding of a select group of premium companies on the NYIAX platform. “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.
The developers explain that the Nasdaq Matching Engine and other exchange data models and technologies provide the foundation on which the NYIAX platform was created. 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.”
“The platform immediately delivers clients upfront media buying and re-sell capabilities. As a new secondary market, a new potential revenue stream is one of the main reasons we are seeing so much interest in our pilot program,” added Severine. “What NYIAX is doing will change everything. Once the rest of the market is exposed, advertising as we knew it for the past twenty years will be ancient history.”