First NFT-focused ETF lists on NYSE Arca

The launch comes as Cointelegraph Research projects nonfungible token (NFT) sales will hit nearly $18 billion by the end of the year. Read the full article by: Zhiyuan Sun

Key Points:

• Fintech firm Defiance is launching the first NFT based ETF on NYSE Arca, a subsidiary of the New York Stock Exchange group and owned by Intercontinental Exchange (ICE), under the ticker symbol NFTZ.

• The ETF will not be buying and selling NFTs to hold in wallets; however, they will be tacking an index of companies that are involved with NFTs and the Metaverse. The fund is intending to track BITA NFT and Blockchain Select Index. NFTZ portfolio has a total of 34 companies in its portfolio so far including Coinbase, PlBY Group, and SilverGate Capital which is one of the largest companies for crypto to fiat transactions.

• “The NFT revolution will fundamentally change the economic model for artists, athletes, creators and many more industries that we can’t even conceive of today. NFTs could be bigger than the internet.”