Bitwise launches NFT index fund for accredited buyers

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In an hard work to democratize access to nonfungible tokens, artwork collections and other digital property of value for the masses, Bitwise Asset Management launched its new index fund on Thursday.

As per the announcement, the Bitwise Blue-Chip NFT Index Fund is intended to permit accredited investors to commit in significant nonfungible tokens and artwork collections.

The NFT field has exploded in 2021. Suppliers through the globe obtained thousands and thousands of pounds really worth of CryptoPunks, drawing institutional and accredited buyers. In the third quarter of 2021, NFT trading volumes surpassed $10 billion for the very first time.

The crypto agency stated that the Bitwise Blue-Chip NFT Index Fund is now accessible to experienced buyers for private placement subscriptions. The minimum amount expense is set at $25,000. While speaking on the new development, Bitwise chief details officer Matt Hougan said that:

“New frontiers in the art are uncommon. Entirely new inventive mediums are even rarer,” said Bitwise chief information officer Matt Hougan, incorporating that NFTs have emerged as the very first digitally native medium for possessing art and collectibles, “with tremendous potential for which means, value and use in our more and more electronic globe.”

Bitwise launched numerous new crypto products and solutions in 2021 to satisfy the increasing desire, owing to the rapid-shifting electronic asset business. The agency announced the debut of its Crypto Sector Innovators trade-traded fund (ETF) in May well 2021.

In July, big American institutional buyers contributed $70 million to the crypto index fund manager in get to beef up its equilibrium sheet and double the size of its workers.

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

The phrase “NFT” was coined in 2017. Although little acknowledged at the time, two extremely sizeable NFT projects, CryptoPunks and CryptoKitties, ended up released in 2017. Propy sold the first NFT property. This was the starting of NFT’s widespread adoption, which coincided with the cryptocurrency bull sector cycle.

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