Bitwise, the digital asset manager, has made a significant move in the world of non-fungible tokens (NFTs) by allowing the minting of its first spot Ether exchange-traded fund (ETF) commercial. 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 for NFT enthusiasts to “capture a piece of crypto history” through the minting of an NFT. The ad portrays Ethereum as operating 24/7 while “big finance” sleeps, drawing 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.” While Big Finance brags about moving billions around the world and expresses the need for rest, the Ethereum representative highlights the accessibility of stablecoins, NFTs, and loans, emphasizing that Ethereum is available round the clock. The commercial has already been minted 1,495 times by 530 unique minters. Bitwise has allocated 50% of the proceeds from the NFT to Protocol Guild, a collective funding mechanism established by Ethereum core contributors, while the remaining 50% will be shared between the two actors in the ad. Bitwise has recently gained approval, along with seven other firms, to list spot Ether ETFs through their applications with the United States Securities and Exchange Commission (SEC). Bitwise has also amended its registration statement to potentially invest $100 million in 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. However, Seyffart believes 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 has suggested that Solana could potentially be the next cryptocurrency to have a spot ETF in the United States. Kelly believes that Bitcoin, Ethereum, and Solana are the big three for this cycle.
