Bitwise Asset Management has launched its new NFT index fund on Dec. 16 this is the world’s first NFT Index Fund. The fund is in an effort to make some of the world’s most valuable NFTs, art collections, and other digital assets of value more accessible.
The Bitwise Blue-Chip NFT Index Fund, according to the statement, is designed to allow accredited investors to invest in major nonfungible tokens and art collections.
In 2021, the NFT business has exploded. CryptoPunks were acquired by retailers all around the world for millions of dollars, attracting institutional and accredited investors. NFT trading volumes topped $10 billion for the first time in the third quarter of 2021.
About the NFT Index Fund
The Bitwise Blue-Chip NFT Index Fund is currently ready for private placement subscriptions to qualified investors, according to the crypto business. A minimum investment of $25,000 is required. Bitwise CIO Matt Hougan expressed the following about the new development:
“Artistic breakthroughs are few and far between. NFTs have emerged as the first digitally native medium for owning art and artefacts, “with immense potential for meaning, value, and utility in our increasingly digital world,” according to Bitwise CIO Matt Hougan.
Due to the fast-changing digital asset business, Bitwise developed various new crypto products in 2021 to meet rising demand. In May 2021, the company will launch its Crypto Industry Innovators exchange-traded fund (ETF).
Major American institutional investors committed $70 million to the crypto index fund manager in July to help it strengthen its balance sheet and quadruple its workforce size.
The NFTs Journey
In 2017, the term “NFT” was coined. In 2017, two highly major NFT projects, CryptoPunks and CryptoKitties, were created, despite their relative obscurity at the time.
Propy was the first to sell an NFT home. This was the start of NFT’s widespread acceptance, which corresponded with the bull market in Bitcoin.