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NFTs head to Wall Street š¼ļø
Despite a downturn that saw the NFT market slump to a three-year low in 2024, some proponents are pushing for NFT-backed ETFs.
Stephen Graves
April 01, 2025
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š What you need to know
No, itās not an April Fool. Despite the NFT market plunging to a three-year low in 2024, Canary Capital is pressing ahead with plans to launch an exchange-traded fund backed by NFT collection Pudgy Penguins and the communityās PENGU token.
The firmās CEO Steven McClurg told Decrypt that with the advent of a more crypto-friendly regulatory environment, āthe major barriers have been removed,ā arguing that a ālong-term trendā will see adoption of digital artwork increase.
But some experts are skeptical, pointing to āsignificant technical and structural challengesā with an NFT ETF, particularly the illiquidity of the asset class.
Still, with asset manager Grayscale filing to convert its Bitcoin, Ethereum and XRP large cap fund into an ETF, itās clear thereās an appetite for funds backed by a broader array of digital assets. Whether that stretches to monkey JPGs remains to be seen.
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