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By letting the 39-second film be minted as a non-fungible token (NFT) on Ethereum, digital asset management Bitwise has created the first spot Ether exchange-traded fund (ETF) advertisement, thus creating history.
Original Advertising Concept
Inspired by early 2000s Apple advertising, the commercial, which Bitwise describes as “the first national TV spot minted as an NFT,” It has a conversation between an elderly guy in work wear and a nightgown, signifying “Big Finance,” and a casually dressed young man standing for Ethereum.
“You’d want a little shut-eye too if you’ve been moving billions around the world,” notes Big Finance.
“Well, actually, I do. Stablecoins, NFTs, loans, people can access me 24/7 […], but look, everyone’s different. You should get some rest,” the Ethereum man replies.
Minting Success and Earnings Allocation
The Zora Network claims that 530 distinct minters have created 1,198 mints of the Ethereum layer-2 solution. Bitwise has promised that a half of the NFT revenues would go to Protocol Guild, a communal fund established by Ethereum founders. Jamie Kaler and Michael Tacconi, the performers of the advertisement, will share the remaining 50%. From the NFT mint, Protocol Guild, Kaler, and Tacconi have so far earned a total $1,865 or 0.53 Ether.
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Legislative Approvals and Competitive Environment
On May 23, Bitwise and seven other companies got their 19b-4 applications accepted by the United States Securities and Exchange Commission (SEC), therefore enabling them to list spot Ether ETFs in a major regulatory milestone. Based to Bloomberg ETF analyst Eric Balchunas, bitwise changed its S-1 registration statement on June 18 to incorporate a possible $100 million investment into the Bitwise Ethereum ETF upon its trading debut, maybe occurring as early as July 2.
After Bitwise’s release, VanEck rapidly revealed their own spot Ether ETF advertisement within an hour of the SEC accepting the 19b-4 filings, hence increasing the competitiveness in the developing Ether ETF market.
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