Bitwise Crypto Asset Manager Launched World’s First NFT Index Fund

The Bitwise crypto asset manager launched the world’s first NFT index fund by expanding its array of funds as we can see more today in our latest cryptocurrency news.

In the announcement, the Bitwise crypto asset manager chief information officer Matt Hougan unveiled the launch of the Bitwise Blue-chip NFT index fund that he says is the first in the world. He added that the fund which rebalances every three months will hold up to ten most valuable NFT collections like Bored Ape Yacht Club, CryptoPunks, Fidenza, VeeFriends, Autoglyphs, and more. The index selects NFTs based on their market cap using “floor prices” methods. Bitwise explained that its Adjusted Floor Price is designed to reflect the price at which the investor can purchase or sell the lowest-price NFTs in any given collection.

1/ Today we’re launching the Bitwise Blue-Chip NFT Index Fund, the world’s 1st NFT index fund.

NFTs are a historic movement, and just getting started.

The fund holds the 10 most valuable NFT collections: CryptoPunks, Bored Apes, Fidenza, etc.

A thread w more details — pic.twitter.com/4UyipQorrZ

— Matt Hougan (@Matt_Hougan) December 16, 2021

Hougan added that the NFTs with less than 100 items on the collection or single release are not liquid enough for inclusion and it will focus on more music rights, game items, arts, virtual land, and collectibles. Hougan stated that the fund’s minimum investment is $25,000 which is actually lower than many blue-chip NFTs and it is only available to accredited US investors. He also stated that the goal is to make owning the NFTs emerging in the historic new category much easier:

“New frontiers in art are rare. Entirely new artistic mediums are even rarer.
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NFTs have emerged as the first digitally native medium for owning art and collectibles, with enormous potential for meaning, value, and use in our increasingly digital world.”

In addition to the Blue-Chip NFT Index Fund, Bitwise created eight other crypto funds and four were index-based like the Bitwise DeFi Index Fund and the Bitwise ex-Bitcoin Index fund. The company launched the Bitwise Polygon Fund and provided exposure to the layer 2 scaling network which has funds for Compound Finance, Uniswap, Ethereum with the company adding more than $1.6 billion in assets under management. As per the data from NonFungible.com, there are $253 million in NFT sales volume over the past week with more than $90,000 items sold. The reports show that Axie Infinity was knocked off the top spot on the weekly sales and was replaced by the CloneX collection that saw $135 million in volume over the past week.