Fund Manager VanEck To Launch NFT Collection

Fund manager VanEck on Monday said it will launch a its own NFT collection centered around its crypto community. The firm said the collection intends to showcase the real-world utility of NFTs.

The fund manager, which has been leaning heavily into crypto over the past two years, said the collection will be titled the VanEck Community NFT, and will consist of 1000 tokens on the Ethereum blockchain.

The tokens will be issued this week through an airdrop to the first 1000 people to sign up for the giveaway.

VanEck sees real-world utility in NFTs

The firm said in a press release that it intends to demonstrate the real-world utility of NFTs through the collection. To that end, the NFTs will act as a virtual membership card.

Holders of the NFTs will have access to several benefits, which could include early access to the firm’s digital asset research and invitations to exclusive events.

Benefits offered from the NFTs will depend on their rarity, of which there are three tiers.

The NFTs are being minted through a partnership with South Korean NFT firm Numomo. The tokens will feature artwork centered around the character “Hammy,” a fictionalized version of Alexander Hamilton, as he explores monetary policy.

NFT adoption on a tear

VanEck’s collection marks the increasing interest in blockchain technology from traditional finance firms. NFT volumes recently hit a record high as a 2021 boom shows no signs of stopping.

The popularity of NFTs has also attracted several non-web3 players into the space. Firms such as American Express were seen applying for NFT-related trademarks, while Nike and Adidas have also released their own collections.

VanEck itself is no stranger to Web3, and was among the first to roll out a Bitcoin futures ETF in 2021. 

The firm was also set to release the United States’ first spot Bitcoin ETF, until the move was blocked by the Securities and Exchange Commission.

With more than five years of experience covering global financial markets, Ambar intends to leverage this knowledge towards the rapidly expanding world of crypto and DeFi. His interest lies chiefly in finding how geopolitical developments can impact crypto markets, and what that could mean for your bitcoin holdings. When he isn’t trawling through the web for the latest breaking news, you can find him playing videogames or watching Seinfeld reruns.
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