The Bitwise Blue-Chip NFT Index Fund is the new gauge by Bitwise that will allow accredited investors to track the ten largest non-fungible tokens, according to Businesswire.
The index fund will buy and hold in custody NFTs in the top 10 collections category that include Bored Ape Yacht Club, CryptoPunks, Autoglyphs, Mutant Ape Yacht Club, Fidenza, and VeeFriends. Others are CyberKongz Genesis, Meebits, Cool Cats, and Chromie Squiggle.
Bitwise will rebalance the collections quarterly, with the current ranking based on their market capitalization.
The fund is expected to focus on art and collectibles, excluding NFTs in the categories of virtual land, game, and music rights. NFT’s with less than 100 items are also excluded.
The index fund comes when art and collectibles made the most of NFT volume initially, although this has started to change, with gaming ones gaining popularity. Art and collectibles still made over half of NFT volume in the past week with about $37.54 million.