Bitwise Launches First Spot Ether ETF Commercial Minted as NFT
Summary:
Bitwise, a digital asset management company, has publicised the first-ever Ether (ETH) exchange-traded fund commercial, which allows non-fungible token (NFT) enthusiasts to mint the piece into Ethereum. Half of the NFT proceeds will benefit Protocol Guild, and the rest will go to the commercial's two actors. The United States Securities and Exchange Commission has recently approved Bitwise, along with seven other firms, to list spot Ether ETFs.
Bitwise, a company managing digital assets, proclaimed Thursday their launch of the first Ether (ETH) exchange-traded fund commercial. This enables non-fungible token (NFT) aficionados to coin the advertisement, which is a 39-second clip, on Ethereum. Dubbing the clip as the "1st national TV spot minted as an NFT", the Bitwise advertisement emphasizes on Ethereum's functionality 24/7 in comparison to "big finance's" limited working hours. Drawing parallels from an early Apple ad depicting a comparison between Mac devices and PCs, the commercial encompasses a dynamic conversation between two men; one casually drawing upon the role of Ethereum and an older man symbolizing "big finance", preparing for bed after trading hours.
There have been 1,198 renditions of the ad, minted by 530 minters, thus far - as quoted by Zora Network, an Ethereum layer-2 solution catering to artists and brands. Bitwise stated that half the NFT proceeds would be passed to Protocol Guild, an Ethereum core contributor-funded collective mechanism, the other half would reach the commercial's actors, Jamie Kaler and Michael Tacconi. Up until now, Protocol Guild, Kaler, and Tacconi have jointly accumulated an earning of $1,865, or 0.53 Ether from the NFT mint.
Further news on Bitwise reveals that the United States Securities and Exchange Commission gave approvals to their application, along with seven other firms on May 23, to list spot Ether ETFs. In addition to this, Bitwise made amendments to its S-1 registration statement on June 18, mentioning a potential investment of $100 million into the Bitwise Ethereum ETF at its trading commencement. This filing needs to be approved by the SEC before the Ether products are launched, which could be as early as July 2, as per Eric Balchunas, ETF analyst at Bloomberg. Simultaneously, VanEck flashed its spot Ether ETF advertisement, post-receiving SEC's approval.
Published At
6/21/2024 5:16:25 AM
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