The Defiance Digital Revolution ETF, a trailblazing exchange-traded fund centered on non-fungible tokens is shutting down, based on a current report by Bloomberg. 

Its portfolio will likely be liquidated in mid-November after the hype across the nascent expertise fizzled away. 

Defiance’s Sylvia Jablonski has acknowledged that the fund wasn’t engaging sufficient for traders. 

The corporate launched the primary ETF centered on NFTs in December 2021. Again then, Jablonski predicted that NFTs might find yourself being larger than the web.

The failed product supplied traders publicity to varied NFT marketplaces after they seemingly grew to become the subsequent massive factor in 2021. 

Simply months earlier than the launch, NFTs recorded $15 value of buying and selling quantity in October. Nevertheless, this sector considerably underperformed in 2022 along with the remainder of the crypto trade.