This week’s featured collector is rust_and_moth
rust_and_moth has large collection of unique NFTs. Check it out at lazy.com/rust_and_moth
Which NFT innovation inspires you most?
In last week’s community poll, collectors overwhelmingly gravitated toward practical utility over novelty: 50 % chose Art Provenance via NFT, highlighting a strong appetite for blockchain’s ability to verify authenticity and ownership histories. Experimental and experiential ideas split the remainder of the enthusiasm—both Spiritual Art NFTs and AI-Generated NFTs captured 25 % each, suggesting equal intrigue in metaphysical storytelling and algorithmic creativity. Meanwhile, aspirations for greener tech and game-based interactivity failed to spark votes this round, with Eco-Conscious NFTs and Interactive NFT Games each landing at 0 %. Overall, the results imply that today’s collectors are most inspired by innovations that solve real-world art-market pain points, while still keeping an eye on emerging creative frontiers.
The NFT ETF Gets Closer
If you’ve been collecting Pudgy Penguins NFT, the news that Cboe has formally asked the SEC to list the Canary PENGU ETF should feel surreal. A 19b-4 filing is the step that turns a crypto idea into a Wall Street product, and now the Cboe has made that move. From here the SEC has up to 240 days to approve or reject the rule change, but even entering the queue puts Penguins on the same regulatory track that birthed spot Bitcoin and Ether ETFs. In other words, NFTs are now rubbing shoulders with gold bars and oil futures in the eyes of U.S. securities law.
According to the filing, roughly 80-95 percent of its assets will be the Solana-based PENGU token, while 5-15 percent will be actual ERC-721 Penguins. That means an institutional desk could soon be bidding on rare traits whenever the portfolio drifts out of balance. Think of it as a permanently funded whale whose mandate is to buy NFTs on weakness and sell on strength, all in the name of tracking NAV. For holders, that could translate into deeper liquidity and a sturdier floor; for flippers, it injects a price-insensitive buyer and seller into the market.
Why would the SEC even consider letting a handful of jpegs back an ETF? Cboe’s argument mirrors its successful pitch for Bitcoin and Ether: the global market is fragmented, trades 24/7, and is patrolled by arbitrageurs who erase most price gaps long before they can be exploited. The exchange also promises cold-storage custody, fifteen-second intraday pricing and daily portfolio disclosure—comfort food for regulators worried about spoofing or insider shenanigans. Still, the Commission has never approved a fund that owns non-fungible assets, so expect questions about how a third-party pricing service will decide what a single Penguin is worth at exactly 4 p.m. Eastern each day.
If the ETF wins approval, the impact could extend far beyond the Penguin ecosystem. Culture-coin projects like ApeCoin, Doodles and even meme NFTs would suddenly have a regulatory blueprint for mainstream exposure. Institutional allocators who can’t touch self-custody wallets could gain penguin exposure with a brokerage order. Brands eyeing IP deals will see licensing potential validated by Wall Street demand. And on-chain, a wave of derivative builders will scramble to mirror the ETF’s index or invent leverage on top of it.
Of course, the SEC could still slam the door. The agency might decide that thin PENGU futures markets and opaque NFT pricing make surveillance impossible. A denial wouldn’t kill the Penguins, but it would delay the flow of capital and credibility. The more likely middle-path is a conditional approval—extra reporting, tighter custody rules, maybe a higher token-to-NFT ratio—to reassure commissioners that retail investors aren’t buying a black-box jpeg fund.
In any case, the filing itself has already nudged NFTs from cute PFP to quasi-commodity status. Whether the SEC signs off or not, this development reshapes the narrative every NFT collector trades on.
Read the full filing cboe.com.
Do you think the SEC will approve an NFT ETF?
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