The Defiance Digital Revolution ETF, a trailblazing exchange-traded fund focused on non-fungible tokens is shutting down, according to a recent report by Bloomberg.
Its portfolio will be liquidated in mid-November after the hype around the nascent technology fizzled away.
Defiance's Sylvia Jablonski has acknowledged that the fund wasn't attractive enough for investors.The company launched the first ETF focused on NFTs in December 2021. Back then, Jablonski predicted that NFTs could end up being bigger than the internet.
The failed product offered investors exposure to various NFT marketplaces after they seemingly became the next big thing in 2021.
Just months before the launch, NFTs recorded $15 worth of trading volume in October. However, this sector significantly underperformed in 2022 together with the rest of the crypto industry.