First-mover ➡️ Shutting Down

GM Guys and Gals,

World first NFT-based ETF is shutting down if their team wrote an email to their investor it will look like this. We also hope Team Adani will not write a letter like this ;)

Dear Investors,

We regret to inform you that NFTZ, the world's first exchange-traded fund for non-fungible tokens (NFTs), will be shutting down. Defiance ETFs has announced that it will "close and liquidate" NFTZ, also known as the Defiance Digital Revolution ETF, by the end of February.

When NFTZ first began trading in December 2021, there was much excitement about the potential for NFTs to become even bigger than the internet. The ETF tracked companies involved in the NFT and cryptocurrency space, including toy collectibles company Funko, online marketplace eBay, and digital asset exchange Coinbase. Despite its promise, the fund fell 11% in its first two days of trading.

The shutdown of NFTZ is indicative of the broader slowdown in the crypto world, including NFTs. The recent drop in the price of Bitcoin and other cryptocurrencies has led to a decline in interest among investors. Despite this, Bitcoin futures ETFs have found a market in the US and the SEC has approved its fourth Bitcoin futures ETF. However, Bitcoin spot ETFs, which would directly track the largest digital currency, do not yet exist in the US.

We appreciate your interest in NFTZ and apologize for any inconvenience this closure may cause. If you have any questions or concerns, please do not hesitate to contact us.

Best regards, The NFTZ Team

That’s it for the day, Web3Shala 👋

To the Moon 🚀