Thread by @PixOnChain

I read Pudgy Penguins' ETF application so you don’t have to

Here’s everything you need to know: ↓

Pudgy Penguins just did something no NFT project has done before.

It’s not just another crypto ETF.

This one holds both PENGU tokens and Pudgy NFTs (!)

Yes, an ETF with jpegs. But that’s just the start…

The ETF, managed by Canary Capital, will invest in:

• 80-95% PENGU tokens
• 5-15% Pudgy Penguin NFTs

But how exactly does it work?

This isn’t some crypto-native product.

It’s a fully TradFi ETF that will trade like a stock.

No wallets. No gas fees. Just buy it like any other ETF.

And it changes everything...

This could set a precedent for NFT-backed financial products.

Imagine BAYC ETF. CryptoPunks ETF. InsertYourBagsHere ETF.

The Pudgy team is playing 4D chess.

But will the SEC approve it?

The SEC approving this would be a first. But there’s precedent.

Art, wine, collectibles—they’ve all been securitized before (as art funds). NFTs could be next.

Bitcoin and Ethereum ETFs broke the barrier. This takes it further.

If this passes, NFTs aren’t just jpegs. They’re an asset class.

I hope you've found this thread helpful.

Follow me @PixOnChain for more.

Like/Retweet the first tweet below if you can:

https://twitter.com/1354803537608282118/status/1902759013059793076