Bitwise Allows NFT Enthusiasts to Mint its First Spot Ether ETF Commercial
Digital asset manager Bitwise has made its mark in the world of non-fungible tokens (NFTs) by allowing its first spot Ether exchange-traded fund (ETF) commercial to be minted.
The 39-second clip, which showcases the advantages of Ethereum, can now be minted on the Ethereum blockchain.
Bitwise introduced the commercial as an opportunity to “capture a piece of crypto history” through an NFT mint.
Ethereum Operates 24/7
The ad revolves around the concept of Ethereum operating 24/7 while “big finance” sleeps, drawing inspiration from a classic Apple advertisement that compared Mac computers to PCs in the early 2000s.
In the commercial, a dialogue unfolds between a casually dressed young man representing Ethereum and an older man in business attire, dressed in a nightgown to signify “Big Finance.”
As the trading day comes to a close, Big Finance boasts about moving billions around the world and expresses the need for rest.
In response, the Ethereum representative highlights the accessibility of stablecoins, NFTs, and loans, emphasizing that Ethereum is available round the clock.
He then kindly tucks “Big Finance” into bed, suggesting that rest is in order.
Capture a piece of crypto history: the 1st national TV spot minted as an NFT.
– 50% of proceeds will go to the @ProtocolGuild
– The other 50% will go directly to the actorsMint here: https://t.co/BmweTlASf6 https://t.co/Qaga0CFD9v
— Bitwise (@BitwiseInvest) June 20, 2024
Described by Bitwise as a “piece of history,” the 39-second clip has already been minted 1,495 times by 530 unique minters, according to the Zora Network, an Ethereum layer-2 solution focused on artists and brands.
Bitwise has allocated 50% of the NFT proceeds to Protocol Guild, a collective funding mechanism established by Ethereum core contributors.
The remaining 50% will be shared between the two actors in the ad, Jamie Kaler and Michael Tacconi.
The initiative aligns with Bitwise’s recent approval, along with seven other firms, to list spot Ether ETFs through their 19b-4 applications with the United States Securities and Exchange Commission.
Bitwise has further amended its S-1 registration statement, including a potential $100 million investment into the Bitwise Ethereum ETF upon its trading launch.
The Ether products are expected to launch as early as July 2, pending SEC approval.
Ethereum ETF Approval Was Political
Bloomberg ETF analyst James Seyffart believes the approval of spot Ethereum ETFs was likely influenced by political decisions rather than purely financial considerations.
In a recent interview, Seyffart suggested that the political climate, including actions by the Biden administration and responses from the crypto community, played a significant role in the approval to go through.
Beyond Bitcoin and Ethereum, the approval of other crypto ETFs, including Solana, is unlikely without significant regulatory changes, Seyffart said.
He noted that a regulated market is needed to monitor these assets for fraud and manipulation.
In contrast, crypto investor and trader Brian Kelly has suggested that Solana could potentially become the next cryptocurrency to have a spot ETF in the United States.
In a recent episode of CNBC’s ‘Fast Money’, Kelly, who is also the founder and CEO of the BKCM Digital Asset Fund, posed the question, “The trade now is, who’s next?”
He then suggested, “You’ve got to think about Solana as probably the next one. Bitcoin, Ethereum, and Solana are probably the big three for this cycle.”
