This week’s featured collector is Pakattack

Pakattack’s has a solid collection of Ethereum NFTs including a Milady. Take a look at lazy.com/pakattack

Which catalyst do you think would most effectively reignite the digital‑art & NFT market?

Last week’s reveals that among several potential catalysts to reignite the digital art and NFT market, “Seamless user experience” was the most favored option, receiving 50% of the votes. This reflects a strong consensus that simplifying the interface and reducing friction in the onboarding and interaction process could bring in the much-needed third wave of collectors, especially non-crypto natives. “Institutional validation” and “Clear global regulation” each garnered 25%, signaling that while users value structural support and legitimacy, these alone may not drive mass adoption. Notably, “Compliant fractional ownership” and “Not sure / None of the above” received 0%, suggesting the community sees clear paths forward rather than uncertainty or niche solutions. This aligns with broader market insights from the Art Basel 2024 report, which argues that growth now hinges not on hype but on better usability, real-world relevance, and cultural integration.

How GPT-4o is Changing NFTs

In this issue, we take an in-depth look at how AI advancements, particularly ChatGPT’s latest image-generation capabilities, are reshaping the NFT ecosystem. With the ease of replicating distinct artistic styles, questions around exclusivity and ownership emerge—signaling potential shifts in the very essence of NFT value.

AI Generation and the Ownership of Artistic Style

The release of GPT-4o’s image-generation feature marks a pivotal moment. Collectors and creators alike are experimenting freely with prompts like “Azuki style,” “Cyberpunk vibes,” or “Studio Ghibli-inspired,” instantly transforming original NFT images into reimagined variants.

Azuki, recognized for its distinctive anime-inspired style, exemplifies this disruption. Users now generate convincing adaptations effortlessly. According to bitsCrunch data, Azuki’s floor price saw a noticeable 44% decrease from its 2024 peak—reflecting broader market uncertainties and highlighting the pressing question: Is ownership of a visual style still valuable?

NFT Value: Utility over Speculation

Recent trading statistics reveal critical insights into the current state of the market. Although the NFT space experienced a temporary resurgence in late 2023 driven by Bitcoin ordinal inscriptions, the momentum dwindled significantly. By March 2025, monthly NFT trading volume across platforms had reduced considerably, stabilizing at around $110 million, with value largely maintained by projects offering tangible utilities, such as gaming integrations, exclusive access rights, offline events, and robust community ties.

This underlines a critical insight for investors and creators—NFTs now must offer intrinsic human value beyond mere aesthetic marketability. Sustainable NFT projects today deliver experiences, utilities, and meaningful community-centric rewards.

Style Ownership: Legal and Ethical Considerations

As AI-generated styles proliferate, important legal questions arise. Could NFTs pioneer new forms of digital intellectual property, allowing artists and collections to patent exclusive styles? Or will we see a rise in decentralized, open-source styles with royalties shared through blockchain transparency? The solution could define the next stage of NFT market evolution.

NFTs as Multifunctional Containers of Value

Building toward future horizons, NFTs might increasingly transcend strictly visual aesthetics, serving instead as comprehensive meta-data vessels. Imagine an NFT granting governance rights over music distribution, handling shared creative influence over collective storytelling, or providing exclusive ticketing and event access. Rather than pixel scarcity, NFTs will embody “provable participation”—highlighting human connection, recognition, and community belonging as the central drivers of value.

In Closing: NFTs and AI, Partners in Innovation

Rather than posing a threat, GPT-4o’s arrival represents transformative opportunity. It compels NFTs to evolve from static visuals to dynamic digital identities, redefining notions of creativity, ownership, and connection. Indeed, AI has not diminished NFTs—it’s empowered them toward their next horizon of maturity and innovation.

Stay tuned, keep collecting, keep innovating.

Go deeper on this topic at HackerNoon.

If AI can instantly replicate any visual style, does owning that style still hold value in the NFT world?

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This week’s featured collector is Meezisnotdead

Meezisnotdead’s is a biker, photographer, graphic designer and entrepreneur. Take a look at their collection at lazy.com/Meezisnotdead

Do you support a16z’s NFT reform proposals?

Last week’s poll shows nascent but clearly positive sentiment toward a16z’s proposed NFT reforms: one‑third back the full two‑track plan, another third would at least welcome the safe‑harbor for “true collectibles,” and no one outright opposes either measure. That leaves an equally large bloc still seeking more information, underscoring how early the debate remains and how much educational outreach is needed.

After the Gold Rush: Digital Art’s Critical Juncture

Art Basel’s 2024 report with UBS makes grim reading at first glance. Global art sales fell twelve percent to an estimated $57.5 billion, pulled down by softness at the very top of the market. Dealers sold less, public auctions contracted, and yet the total number of transactions rose three percent to 40.5 million—a sign that enthusiasm remains even as spending power wanes. Digital art felt the chill first. By the final quarter of 2024, NFT volumes had round‑tripped to levels not seen since the pre‑mania days of 2020. Art‑related NFTs lost sixty‑five percent of their value year on year and now account for only six percent of the market, while collectibles and profile‑picture projects declined forty‑three percent but still dominate with an eighty‑seven‑percent share. Perhaps most telling, the community itself is thinning: the average monthly count of unique art‑NFT buyers slid from nearly seventeen thousand in 2023 to just over five thousand six hundred in 2024.

The divergence between crypto wealth and digital‑art pricing has never been starker. Bitcoin marched from roughly fifty thousand dollars in January 2024 to more than one hundred‑and‑six thousand by December, yet that new capital barely trickled into NFTs. The “wealth effect” that once sent pixelated punks soaring is missing in action, suggesting that the downturn is more than a temporary liquidity crunch; it is a structural reset that demands fresh narratives rather than fresh capital.

That realization forces an uncomfortable question: where will the next generation of NFT collectors come from? The first wave, propelled by crypto‑native investors chasing outsized returns, has largely pivoted to faster, more liquid gambles such as memecoins—or has exited altogether. The second wave many expected—traditional buyers dipping cautious toes into the digital pool—stalled before it reached scale. Only nine percent of high‑net‑worth collectors surveyed in early 2024 had purchased any form of digital art. If NFTs are to grow beyond a niche, a third wave must emerge, characterized by connoisseurship rather than FOMO, seamless user experience that hides the mechanics of crypto altogether, institutional validation from museums and universities, and, above all, cultural relevance. As artists turn to topics such as artificial‑intelligence ethics, climate data, or indigenous archives, the medium can begin to matter to people who would never describe themselves as “degens.”

While the market grapples with demand, a quieter crisis is playing out in the background: the long‑term storage of the artworks themselves. The closures of MakersPlace, AsyncArt, and KnownOrigin signaled more than lost discovery hubs; they jeopardized the files those platforms pinned to the InterPlanetary File System. Most NFTs carry only a hash and a URL on‑chain—linking to an image that lives off‑chain. If the marketplace that paid for IPFS “pins” disappears, the underlying art can vanish as well. The fix is hardly insurmountable—collectors can verify their tokens’ metadata, repin files through services such as Pinata or Eternum, and favor projects that store assets on‑chain or on redundant networks like Arweave—but awareness remains low. Until permanence becomes table stakes, provenance will rest on hope rather than cryptography.

Despite the gloom, genuine green shoots are sprouting. Regulatory clarity is improving: the United States’ FIT 21 proposal would explicitly exclude digital collectibles from securities enforcement, and Europe’s MiCA framework offers passporting across twenty‑seven member states. Museums are moving from token experiments to bona‑fide acquisitions; the British Museum’s Polygon‑based Hokusai release and LACMA’s crypto‑art endowment both point to a future in which institutional imprimatur becomes routine. On the technical front, inexpensive layer‑two networks now enable high‑frequency, low‑risk drops, and artists are beginning to treat smart contracts as living sculptures that evolve with real‑world data feeds rather than as permanent JPEG holders.

So what could reignite the market? A decentralized curator layer that lets writers share in secondary royalties would align scholarship with sales. Compliant fractionalization could lower the barrier for new buyers by an order of magnitude, allowing them to own a sliver of a blue‑chip NFT without regulatory landmines. Dynamic royalty structures that reward artists for guaranteeing perpetual storage would align incentives between makers and custodians. Finally, a cross‑chain provenance standard could let works migrate between Ethereum, Solana, and whichever chain comes next without erasing exhibition history—an essential prerequisite for institutional acceptance.

For collectors navigating 2025, the playbook is deceptively simple. First, protect what you already own: audit every token, repin or migrate storage if necessary, and keep local snapshots of metadata and rarity traits. Second, curate with intention. Favor thesis‑driven collections over derivative memes; the market now values narrative depth, not supply shocks. Third, engage in the physical world by lending pieces to exhibitions, hosting pop‑ups during art fairs, or endowing writer fellowships; social proof converts skeptics faster than price charts ever could. Fourth, support the boring but indispensable infrastructure projects that fund perpetual storage; safeguarding the medium is the surest way to safeguard value. Finally, educate newcomers, because onboarding is the new marketing. Workshops that demystify wallets and gas fees or gifting entry‑level tokens to curious friends can seed the network effects speculation failed to deliver.

Yes, 2024 bruised the space, but contraction has a long history of seeding renewal. Cubism followed a recession; net‑art bloomed after the dot‑com crash. If this winter becomes a period of conservation and thoughtful curation, the next bull market—whenever it arrives—will discover a corpus of digital art that is not only intact but more intellectually compelling than ever. The task ahead is not to guess when liquidity will return but to ensure that when it does, the art on offer is worth rediscovering.

For more, read NFTNow’s perspective and the full Art Basel report.

Which catalyst do you think would most effectively reignite the digital‑art & NFT market?

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This week’s featured collector is NFcubedT

NFcubedT’s is an “Artist. Daydreamer. Schemer of Silliness.” Their collection of whimsical hand-drawn NFTs grabbed our attention. Take a look at lazy.com/NFcubedT

How has your own approach to collecting or trading NFTs changed recently?

Last week’s poll explores how Lazy.com users’ behaviors regarding collecting or trading NFTs have shifted recently. The results reveal a significant cooling off in activity within the NFT space. The majority of respondents, 63%, indicated they are currently “on hold,” suggesting they have paused their involvement in NFTs for the time being. Another 13% said they “sold off most of [their] NFTs,” indicating a strategic exit or liquidation of their digital assets.

Interestingly, only 25% reported that they are “still very active,” showing that a small but committed portion of the community continues to engage enthusiastically with NFTs. Notably, no respondents selected “I’ve become more selective,” which could imply that those still involved are maintaining prior levels of activity rather than refining their strategies. Likewise, no one selected “I was never involved in NFTs,” suggesting that all respondents have at least some past experience in the space.

Overall, the poll reflects a cautious sentiment dominating the NFT market among the respondents, with the bulk either stepping back or fully divesting, and only a minority actively participating.

A Fresh Vision for NFT Regulation: A New Path Forward for Digital Collectibles and Creative Innovation

Andreessen Horowitz (a16z), a prominent venture capital firm deeply embedded in blockchain and web3 space, has proposed significant regulatory reforms to the U.S. Securities and Exchange Commission (SEC) regarding NFTs. This forward-looking initiative, submitted in March 2025 to the SEC’s Crypto Task Force, specifically addresses the current legal uncertainties faced by NFT creators, collectors, and trading platforms.

The current regulatory framework was not crafted with digital collectibles in mind. These digital assets—ranging from digital art and music to gaming assets and physical redeemables—serve primarily as proofs of ownership or unique rights rather than financial instruments. The absence of clearly defined regulatory parameters has, however, resulted in confusion and apprehension within the industry. Creators face significant uncertainty about launching new projects due to fear of potential enforcement actions, such as the notable SEC case against Impact Theory in 2023. These concerns often push NFT creators to either halt their projects entirely or seek safer regulatory environments offshore, stunting the growth of digital innovation within the United States.

To address this critical issue, a16z suggests a dual approach. First, they propose a safe harbor rule—a framework clearly defining when NFTs should be exempt from securities regulations. According to their recommended criteria, NFTs eligible for this exemption must represent a specific, unique, and verifiable asset, not grant any ongoing financial interests in the creator or third-party enterprises, and avoid marketing as investment vehicles promising financial returns.

The suggested safe harbor aims to harmonize with the foundational principles of the Howey test, a benchmark used to assess whether transactions qualify as investment contracts under securities laws. If NFTs demonstrate clear intrinsic utility or value from inception, and creators avoid promoting financial gain based on their own or third-party future efforts, such tokens should rightly fall outside securities regulation.

For projects that naturally lie beyond this safe harbor—especially those using NFTs explicitly to fund future creative ventures—Andreessen Horowitz advocates establishing a tailored crowdfunding regulatory pathway. Current crowdfunding regulations such as Regulation CF or Regulation A+ impose extensive financial disclosures ill-suited for artists and creatives whose projects pivot more around artistic vision than detailed financial projections. Thus, the proposed new crowdfunding model for NFTs would streamline compliance requirements, ensuring creators provide essential disclosures relating specifically to the rights and utilities attached to their tokens, without burdensome financial detail irrelevant to artistic endeavors.

This nuanced crowdfunding pathway would stipulate conditions clearly distinguishing creative patronage from securities-like transactions, including limited funding amounts, clearly defined creative scopes, and potentially a redemption period for investors. This model, akin to successful platforms like Kickstarter, enhances the patronage experience by granting collectors lasting digital ownership or rights.

In presenting their proposals, a16z underscores NFTs’ broader potential and inherent value to digital commerce and community building. NFTs empower creators by enabling direct monetization of their works without traditional intermediaries. Collectors benefit from transparent, verifiable digital ownership, scarce digital assets, and potentially valuable perks or experiences. Diverse applications across digital art, music, gaming, sports collectibles, and even physical asset tokens reflect the versatile, robust nature of NFTs as cultural and community-building instruments.

Moreover, a16z emphasizes the urgency of updating regulatory frameworks to match digital economy advancements. NFTs uniquely embody economic independence, deriving intrinsic value from the underlying assets rather than ongoing issuer activities—contrary to traditional securities. The risk is that overly stringent regulation, not reflective of the distinct nature of NFTs, may inadvertently encourage creators to detach from community engagement post-sale, ironically hindering artistic and commercial innovation.

The rise of artificial intelligence further emphasizes the need for updated regulatory approaches, as NFTs can safeguard creator ownership and compensation rights amid proliferating generative content technologies like DALL-E and Midjourney. Blockchain-enabled NFTs and smart contracts provide transparent and enforceable digital rights management solutions, preserving creators’ control and compensation mechanisms in an increasingly decentralized digital environment.

Looking forward, the proposed regulatory reforms offer a promising framework to clarify distinctions between collectible tokens and securities, potentially boosting innovation and consumer confidence within the NFT market. However, establishing such nuanced guidelines involves careful balancing—too stringent rules may stifle creative experimentation, while overly lenient regulations might leave consumers vulnerable. Thoughtfully implemented, clear and flexible regulation could empower creators and collectors alike, fostering sustainable growth and safer participation in the rapidly evolving NFT cultural landscape.

Read the full letter here.

Do you support a16z’s NFT reform proposals?

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This week’s featured collector is gillinghammer

Gillinghammer’s motto is “be water.” We love the vibe. Take a look at their collection at lazy.com/gillinghammer

Are NFT Vibes Improving?

Last week’s poll asking “Are NFT Vibes Improving?” shows a notable shift toward optimism in the space. A clear majority—54%—believe that the vibes are indeed getting better, signaling renewed energy, confidence, and possibly a rebound in community enthusiasm or innovation. Only a small minority (8%) expressed skepticism, while 38% said they weren’t sure. This suggests curiosity or cautious observation rather than doubt. Overall, the results point to a positive trend: momentum is building, sentiment is warming, and the NFT community seems to be entering a more hopeful phase.

NFTs Reinvented: How Recent Market Shakeups Pave the Way for True Innovation

After years of dramatic peaks and steep valleys, non-fungible tokens (NFTs) appear to be in yet another transitional phase. Several high-profile NFT platforms—including Bybit, X2Y2, Kraken, LG Art Lab, and Nike-owned RTFKT—have either fully shut down or pivoted toward other ventures. For many collectors, these closures feel like the end of an era. Yet, anyone who has witnessed multiple cycles in crypto knows that from disruption often comes reinvention.

A Shifting Landscape

Bybit’s sudden exit—and its suggestion that the February hack for over a billion dollars played a role—adds to the series of market departures. X2Y2, which once boasted billions in total trading volume, is winding down operations to pivot toward AI. Similar stories emerged at Kraken and RTFKT, while LG likewise announced the closure of its own NFT marketplace in June.

At first glance, this wave of departures might look dire for NFT enthusiasts who still believe in the technology but have grown wary of relentless hype. After all, floor prices for marquee collections like CryptoPunks and Bored Ape Yacht Club have dropped dramatically from their peaks—further fueling a chorus of critics pronouncing NFTs “dead.”

Yet, the more meaningful takeaway lies in what these platforms are doing next. Kraken is reassigning resources to “new products and services.” X2Y2 and others are exploring AI, effectively transitioning from short-lived speculation to building future-facing technology with real utility. For all the gloom around declining trading volumes and battered floor prices, these moves reflect a market that is maturing and recalibrating rather than simply collapsing.

Looking Beyond the Hype

Back in the NFT bull run, collectors and creators alike benefited from near-instant liquidity and white-hot speculation. That speculative fervor attracted opportunistic actors but also encouraged meaningful experimentation. We’re now entering the phase where reckless speculation is cooling, making room for sustainable, utility-focused projects.

Builders in NFT gaming, music, art, collectibles, and tokenized real-world assets continue to see significant potential in NFTs. Even as some marketplaces disappear, new token standards, improved user experiences, and cross-chain integrations are rolling out. In a sense, the same slump that spooked so many speculators is the lull that serious developers have been waiting for—a chance to innovate in relative calm without the pressure to chase quick profits.

From Collectibles to Practical Applications

One recurring theme is the push toward real-world utility. Instead of dropping collections purely for bragging rights, developers are integrating NFTs into games that offer immersive experiences, platforms that tokenize intellectual property, and membership systems providing tangible benefits. Some sports teams and fan engagement apps, for example, rely on NFT-based systems to verify ownership or grant exclusive access to content. These use cases represent a deeper shift: NFTs are increasingly recognized as a powerful data and ownership mechanism rather than just digital collectibles.

The pivot toward AI also holds promise. By combining intelligent algorithms with NFT mechanics, projects can unlock dynamic art that evolves over time, create game characters whose traits are trained by AI, or roll out data-driven marketplaces that reward creators more fairly. This marks a step toward more interactive, efficient, and perhaps more ethical digital ecosystems.

Three Reasons for Optimism

1. Cycles Are Normal: Crypto has weathered many bullish and bearish cycles. Each time, projects with flimsy foundations fade, while those committed to real value endure and adapt.

2. Growing Utility: Whether it’s blockchain gaming, token-gated communities, or AI-driven NFT innovation, meaningful use cases for NFTs continue to expand. Even if volumes appear to shrink, real utility often brings more resilient growth.

3. Mature User Base: Many collectors now prioritize substance over spectacle. That’s a good sign. A healthier market rewards projects that deliver enduring value rather than short-term hype.

Conclusion: Reinvention on the Horizon

NFTs aren’t going away; they’re being reimagined. While it’s easy to see Bybit’s shutdown and a host of others retreating as a sign of impending doom, the pivot signals a broader recalibration of the market. For weary collectors, that’s a reason for cautious optimism: fewer poorly planned projects and a renewed emphasis on genuine utility will likely help NFTs evolve into more secure, engaging, and valuable digital assets.

Those who remain in the space, undeterred by sensational headlines, can look forward to an ecosystem better equipped to handle real-world challenges—thanks in part to AI, more rigorous standards, and a base of collectors committed to long-term innovation. Far from being the final chapter, this phase may just be the prelude to NFTs’ most transformative era yet.

How has your own approach to collecting or trading NFTs changed recently?

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This week’s featured collector is allinred

Allinred is a concept artist. Take a look at their collection at lazy.com/allinred

What do you think of the proposed Pudgy Penguins NFT ETF?

Last week’s poll reveals a mixed reaction to the proposed Pudgy Penguins NFT ETF. The majority of respondents, 45%, expressed indifference, selecting “Meh,” indicating a lack of strong enthusiasm or dislike. Meanwhile, 27% of participants indicated enthusiasm by choosing “I love it!” while an equal percentage, 27%, selected “I’m not sure,” suggesting uncertainty or a need for more information. Notably, none of the respondents explicitly disliked the idea, as indicated by the 0% selection for “I hate it!” This suggests that while interest is moderate, there is minimal outright opposition to the proposal.

Are NFT Vibes Improving?

The recent article, “Is a Crypto-Friendly Administration Igniting New Passion for NFTs?” by Jiayin Chen, explores how NFTs have become intertwined with current political dynamics, sparked by recent administrative changes in the U.S. government.

Chen highlights the volatile crypto market under the new U.S. presidency, noting Bitcoin’s dramatic fluctuation—from an all-time high of $108,000 to as low as $79,000—and Tesla’s temporary stock price surge. One particularly striking development was FTX’s surprising comeback from bankruptcy, repaying customers at 119 percent of their original claims, offering better returns than traditional savings accounts. This recovery symbolizes broader optimism brought by David Sacks, appointed crypto czar, and the administration’s bold plans for a “Strategic Bitcoin Reserve” aiming to position the U.S. as the world’s crypto hub.

A vital thread of the narrative is the unintended politicization of NFTs. Chen notes, “NFTs, still a major use case of cryptocurrency, have become somewhat inadvertently entangled with the political sentiments now dominating the crypto space.” A long-time anonymous collector describes the perception issue candidly: “The first thing Trump did after the election was issue his own coins and made hundreds of millions from it. It’s a bad look for the industry, and it made people see everyone in the space through the same lens.”

Despite political and reputational challenges, NFTs are witnessing a revival. High-profile sales like Sam Spratt’s “X.Masquerade” fetching $3 million and Christie’s successful “Augmented Intelligence” auction indicate renewed enthusiasm. Established NFT communities like CryptoPunks have continued to thrive; their sales exceeded $200 million even during quieter market periods. Niftynaut, a CryptoPunks collector, sharply notes the market saturation: “Most projects are destined for irrelevance. Outside of the true innovators, what we saw was an endless parade of derivative cash-grabs with no meaningful innovation, purpose, or creativity.”

Institutions are increasingly investing in digital art, reflected in initiatives from prominent museums like the Met and Tate Modern, along with investment entities such as Hivemind Capital’s Digital Culture Fund. Matt Zhang, Hivemind’s founder, observes an eventual maturity in market perception: “Over time, we expect digital art to become less tied to crypto cycles—especially as more collectors, museums, and institutions treat it as part of fine art.”

However, technical infrastructure remains a significant challenge. Jason Bailey (Artnome) highlights the risk to digital art preservation, warning of lost access when Web3 companies fail: “Every single image from those 1990s websites is broken because over time, people stop paying for storage…The same thing could happen with NFTs.”

Conclusively, the new administration’s classification of NFTs as “collectibles” regulated by the CFTC signals industry-friendly intentions, yet uncertainty remains. Bailey encapsulates the cautious optimism: “Right now, with heightened global instability and volatility, markets in general are reacting cautiously. However, there is also potential for progress.”

To fully grasp the complexities and implications discussed, readers are highly encouraged to explore the original insightful article in depth.

Learn more at ArtNet.

What do you think: are NFT vibes improving?

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We would love to hear from you as we continue to build out new features for Lazy! Love the site? Have an idea on how we can improve it? Drop us a line at info@lazy.com

This week’s featured collector is blueraccoon

Blueraccoon is a collector of nostalgic NFTs. Check it out at lazy.com/blueraccoon

The One NFT You Can Keep… Imagine a wild scenario: All but ONE of your NFTs will vanish forever. Which type are you saving?

In a fascinating poll, NFT enthusiasts were asked to make an impossible choice: If all but ONE of their NFTs would vanish forever, which type would they save? The results reveal some intriguing priorities and hint at what really matters most to collectors.

Here’s how the votes stacked up:

• Favorite 1/1 Art NFT (50%) – Art holds the crown, proving that uniqueness and personal connection often outweigh financial value.

• OG Blue-Chip NFT (25%) – A solid quarter of voters would cling to their blue-chip classics, emphasizing the importance of legacy and prestige.

• The One Worth the Most ETH (25%) – When push comes to shove, the value in the market still speaks volumes to many.

• A Completely Random One (0%) – Unsurprisingly, pure randomness didn’t earn much love. It’s all about meaning and worth.

The verdict? While market value and status are important, the emotional and creative connection of unique art NFTs ultimately reigns supreme. It’s a reminder that despite all the financial speculation, the NFT space is still driven by personal passion and artistic expression.

Breaking New Ground: The First NFT ETF is Coming

Exciting news for NFT enthusiasts—asset manager Canary Capital has officially filed to launch a exchange-traded fund (ETF) holding that holds NFTs. In this case, the ETF would hold Pudgy Penguins NFTs along with the PENGU governance token. If approved, this innovative ETF would become the first U.S.-based ETF to directly hold NFTs, marking a significant milestone for digital asset integration into traditional financial markets.

According to U.S. regulatory filings, the ETF will not only hold spot PENGU tokens but will also directly invest in various Pudgy Penguins NFTs. Additionally, the fund will maintain holdings in essential digital assets, including Ethereum (ETH) and Solana (SOL), necessary for transactions involving PENGU and Pudgy Penguins NFTs.

This filing by Canary Capital arrives amid a broader wave of ETF proposals seeking exposure to cryptocurrencies, including Sui, XRP, and SOL, as well as prominent memecoins. While some analysts question the mainstream uptake of ETFs tied to less-established cryptocurrencies, this ETF could play a pivotal role in attracting traditional investors to the NFT market.

What could this NFT ETF mean for the future of NFTs? Approval of Canary Capital’s ETF would symbolize mainstream institutional acceptance and could potentially drive increased liquidity, market stability, and broader investor participation in NFTs. It could serve as a significant validation of NFTs as valuable, investable assets worthy of inclusion in diversified portfolios.

Stay tuned as we follow these exciting developments closely. The NFT space continues to evolve, and landmark moments like this could shape its trajectory significantly.

Learn more at CoinTelegraph.

What do you think the proposed Pudgy Penguins NFT ETF?

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