Bitwise has made a notable entry into the world of non-fungible tokens (NFTs) by allowing its first spot Ether exchange-traded fund (ETF) commercial to be minted. The 39-second video, which highlights the advantages of Ethereum, can now be minted on the Ethereum blockchain. Bitwise sees this commercial as an opportunity to preserve a piece of crypto history through an NFT mint.
The commercial showcases the concept of Ethereum operating 24/7 while “big finance” rests. It draws inspiration from a classic Apple advertisement that compared Mac computers to PCs in the early 2000s. The commercial features a dialogue between a casually dressed young man representing Ethereum and an older man in business attire symbolizing “Big Finance.”
As the trading day ends, the representative of “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. The commercial concludes with the Ethereum representative kindly tucking “Big Finance” into bed, suggesting that rest is in order.
According to the Zora Network, the 39-second clip has already been minted 1,495 times by 530 unique minters, making it a piece of history. 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.
This initiative aligns with Bitwise’s recent approval, alongside seven other firms, to list spot Ether ETFs through their 19b-4 applications with the United States Securities and Exchange Commission. Bitwise has also amended its S-1 registration statement to include 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.
Bloomberg ETF analyst James Seyffart believes that the approval of spot Ethereum ETFs was influenced by political decisions rather than purely financial considerations. Seyffart suggests that the political climate, including actions by the Biden administration and responses from the crypto community, played a significant role in the approval process. He also notes that the approval of other crypto ETFs, including Solana, is unlikely without significant regulatory changes.
On the other hand, crypto investor and trader Brian Kelly suggests 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 poses the question, “The trade now is, who’s next?” He then suggests that Solana could be the next big contender alongside Bitcoin and Ethereum.