Fintech firm Defiance has created and launched the world’s first Non-Fungible Token (NFT) exchange-traded fund (ETF) with the ticker symbol NFTZ, carrying an annual management fee of 0.65 percent.
On December 2, Defiance launched the Defiance Digital Revolution ETF, the first NFT-related ETF in history. The fund doesn’t directly invest in NFTs, it rather keeps track of the index of companies that operate or plan to operate with NFTs.
There are notable holdings in the fund so far, including Silvergate Capital, with 6.74 percent of its net capital. Others include Coinbase, Cloudflare, Piby Group, Marathon Digital, and Hut 8 Mining.
Talking about the fund, Defiance chief investment officer Sylvia Jablonski said it was a great opportunity for investors to gain exposure to NFT marketplaces and companies operating with digital art.
The NFT revolution will fundamentally change the economic model for artists, athletes, creators, and many more industries that we can’t even conceive of today. In October, all-time NFT trading volume surpassed US$15 billion. This a great way for investors to gain access to not only the fast-growth blockchain technology aspect of the digital world, but companies involved in the renaissance of NFTs.
Sylvia Jablonski, chief investment officer, Defiance
The NFT Madness Doesn’t Stop
The NFT market is booming, with several projects coming into play in markets such as OpenSea. NFTs have gained so much attention in the media that last month Collins Dictionary named NFT its word of the year, ahead of the likes of crypto and metaverse.
In August, CryptoPunks recorded a milestone of US $1 billion in sales, shortly after Axie Infinity hit the same mark. And in September, Crypto News Australia reported the sale of a 101-strong Bored Ape Yacht Club NFT collection for US$25 million.
Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.
Credit: Source link
