Bitwise Prepares for Ethereum ETFs with Mintable NFT Commercial
With Ethereum exchange-traded funds (ETFs) expected to hit the market this year, Bitwise, a leading crypto asset manager, has begun advertising these upcoming investment products in anticipation of their official debut.
On June 20, Bitwise released its first-ever commercial for the new investment offerings, which are still awaiting final approval from the US Securities and Exchange Commission (SEC). According to the company, the ads can be minted as a non-fungible token (NFT) on the Ethereum network (ETH price data).
TV Ad Minted as NFT
The ads, titled “Capture a piece of crypto history: the 1st national TV spot minted as an NFT,” features a 39-second short video-clip to demonstrate the always-on nature of the blockchain technology unlike the traditional financial system which clock’s out by 4pm.
In the video, two actors, an older man representing big finance, and a younger man representing Ethereum, dressed to signify their respective domains were seen discussing their day’s activities. Big finance proudly told Ethereum that he would like to sleep after “moving billions around the world.” In response, the younger actor while trying to tuck big finance into bed said he does not have the luxury of sleep. According to him, “stablecoins, NFTs, and loans—people need him to stay active 24/7,” without interruption. However, he encouraged big finance to get some rest as “everyone is different.”
Minting on the Zora Network
Bitwise said the video is available for minting on the Zora Network, an Ethereum scaling solution built on the Optimism OP Stack to help bring media on-chain. The network is designed to support the NFT culture. So far, the platform has minted about 1,198 of the Bitwise commercial into an NFT from 530 unique minters.
Bitwise said that 50% of proceeds generated from the sale of the NFTs will be donated to Protocol Guild, a collective funding mechanism developed by Ethereum core contributors. According to the company, the remaining 50% will be used to compensate Jamie Kaler and Michael Tacconi, the actors who starred in the commercial. To date, both the actors and Protocol Guild have earned a combined $1,865, or 0.53 Ether, from the NFT mints.
Bitwise’s Track Record in Innovative Advertising
Meanwhile, this is not the first time Bitwise has outpaced other asset issuers to become the first to release an ads before the launch of a new product.
For instance, the company released the first ever Bitcoin ETF commercial in December 2023 in anticipation of the launch of the product offerings. The ads which featured Jonathan Goldsmith, a popular Hollywood actor known for his role as “The Most Interesting Man in the World”, went viral as it appeared on televisions, social media platforms, and digital channels.
Additionally, it was also aired on prominent business news networks like CNBC, Bloomberg, and Fox Business Network. One month after the commercial’s release, the SEC announced the approval of 11 Bitcoin spot ETFs for trading on January 10, 2024.
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