This week, Defiance launched the first NFT-focused exchange-traded fund (ETF) under the code $NFTZ.
By tracking the performance of the BITA NFT and Blockchain Select Indexes, the fund will provide investors with access to the NFT market, issuers (such as Coinbase and Playboy) as well as NFT, blockchain, and crypto stocks.
With $NFTZ, investors have access to the NFT, cryptocurrency, and blockchain systems, as well as the NFT marketplace.
The popularity of Bitcoin ETFs and the NFT revolution
In the United States, the first crypto-anchored ETF was released last month, which has increased its popularity in the investment world.
In parallel, NFTs have taken the market by storm, revolutionizing tokenization and giving creators and artists an outlet to sell their work.
According to data from MejoresApuestas.com, NFT transaction volumes in October exceeded $15 billion. Numerous causes can be traced to the same factor, including major celebrities like Snoop Dogg joining the emerging digital hype and releasing their signature tokens.
Furthermore, Wall Street’s recent adoption of cryptocurrencies can also be considered a contributing factor.
This helps to explain why investment services focused on NFT have risen rapidly.
Earlier this month, crypto fund Arca announced the launch of a $30 million fund devoted to NFT. In addition to investing in NFTs, it acquires gaming assets, digital property, art, and collectibles.
Coinbase CEO Brian Armstrong recently stated that non-fungible tokens may rival or even surpass the company’s cryptocurrency business. In the coming quarters, Coinbase plans to launch its own NFT marketplace.