Bitwise launches NFT index fund for accredited investors

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In an effort to democratize entry to nonfungible tokens, artwork collections and different digital property of worth for the plenty, Bitwise Asset Administration launched its new index fund on Thursday.

As per the announcement, the Bitwise Blue-Chip NFT Index Fund is designed to permit accredited buyers to put money into main nonfungible tokens and artwork collections.

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The NFT trade has exploded in 2021. Retailers all through the world bought tens of millions of {dollars} price of CryptoPunks, drawing institutional and accredited buyers. Within the third quarter of 2021, NFT buying and selling volumes surpassed $10 billion for the primary time.

The crypto agency acknowledged that the Bitwise Blue-Chip NFT Index Fund is now out there to certified buyers for personal placement subscriptions. The minimal funding is ready at $25,000. Whereas talking on the brand new improvement, Bitwise chief data officer Matt Hougan acknowledged that:

“New frontiers within the artwork are uncommon. Completely new inventive mediums are even rarer,” mentioned Bitwise chief data officer Matt Hougan, including that NFTs have emerged as the primary digitally native medium for proudly owning artwork and collectibles, “with huge potential for that means, worth and use in our more and more digital world.”

Bitwise launched a number of new crypto merchandise in 2021 to fulfill the growing demand, owing to the fast-changing digital asset trade. The agency introduced the debut of its Crypto Industry Innovators exchange-traded fund (ETF) in Could 2021.

In July, main American institutional investors contributed $70 million to the crypto index fund supervisor with the intention to beef up its steadiness sheet and double the scale of its workers.

Associated: Bitwise CIO ‘not so sure’ about Bitcoin hitting $100K in 2021

The phrase “NFT” was coined in 2017. Though little recognized on the time, two extremely vital NFT tasks, CryptoPunks and CryptoKitties, have been launched in 2017. Propy bought the primary NFT dwelling. This was the start of NFT’s widespread adoption, which coincided with the cryptocurrency bull market cycle.