Digital asset manager Bitwise has unveiled its first spot ether exchange-traded fund commercial on Thursday. Marketed as the first-ever national TV ad minted as a non-fungible token (NFT), Bitwise encourages crypto enthusiasts to own a fragment of this digital milestone.
Bitwise is Transforming Traditional Ads into NFTs
Thursday marked the debut of this innovative approach, wherein the 39-second ad clip is available for NFT minting on the Ethereum blockchain. Thus far, 1,198 mints have been completed by 530 distinct minters using Zora Network, a layer-2 Ethereum solution supporting artists and brands. Bitwise promotes this move as capturing “a piece of crypto history,” effectively blending modern digital art forms with traditional advertising.
The commercial humorously contrasts the round-the-clock operation of Ethereum with traditional banking hours through a dialogue. It features a young, casually dressed man embodying Ethereum and an older individual in a nightgown representing traditional finance. As the latter prepares for bed, he boasts about handling billions worldwide, to which Ethereum responds by highlighting its continuous service through stablecoins, NFTs, and loans, emphasizing the unique lifestyles of different financial systems.
Proceeds Supporting Creators and Contributors
Moreover, Bitwise has announced that half of the proceeds from the NFT sales will benefit Protocol Guild. This entity is a collective funding initiative developed by core Ethereum contributors. The other half of the earnings will compensate the commercial’s actors, Jamie Kaler and Michael Tacconi, who have collectively earned $1,865 or 0.53 Ether from these NFT sales thus far.
In related news, the landscape for Ethereum ETFs is heating up. Last month, the SEC approved 19b-4 applications from Bitwise and seven other firms, sparking competition. Additionally, Bitwise has updated its S-1 registration, aiming to invest $100 million into its Ethereum ETF, indicating strong market confidence.
S-1 filings are the final documents that need SEC approval before Ether products can be introduced. Analysts, including Bloomberg’s Eric Balchunas, predict the Ether products could launch by July 2. Meanwhile, VanEck has also introduced its own Ethereum ETF ad, following SEC approval.
Overall, this active effort by Bitwise and others highlights a market blending traditional finance with blockchain innovation. As these initiatives unfold, the crypto community and investors alike are keenly watching this dynamic sector’s growth.
