The world’s first Non-Fungible Token (NFT) exchange-traded fund (ETF) has been created and launched by fintech firm Defiance.
Fintech and blockchain companies are making waves on the market with their revolutionary ideas and new technologies. The world’s first Non-Fungible Token (NFT) exchange-traded fund (ETF) launched by Defiance is a testament to this.
Defiance introduced the Defiance Digital Revolution ETF on December 2, the first NFT-related exchange-traded fund in history. The fund does not invest directly in NFTs; instead, it tracks an index of firms that use or intend to use NFTs.
Silvergate Capital, which holds 6.74 percent of the fund’s net capital, is one of the fund’s significant holdings. Among them are Coinbase, Cloudflare, Piby Group, Marathon Digital, Hut 8 Mining, and Piby Group.
Sylvia Jablonski, chief investment officer at Defiance, described the fund as an excellent chance for investors to obtain exposure to non-traditional markets and businesses that deal in digital art.
The NFT industry is thriving
NFTs are the newest trend in the cryptocurrency market. These tokens are digital assets that can be bought, sold or traded. They are often referred to as digital collectibles or cryptocurrencies that don’t need a blockchain to exist.
The NFT market is booming and it’s predicted to grow exponentially in the coming years. It has already grabbed a significant share of the global cryptocurrency market. Some major brands are already using it to raise funds via ICOs as well as sell virtual goods on their website, like Nike and Fortnite.