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VanEck partners with South Korea’s NUMOMO for community NFTs

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VanEck CEO says SEC is unlikely to approve a spot Bitcoin ETF
VanEck CEO says SEC is unlikely to approve a spot Bitcoin ETF

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VanEck has announced a partnership with South Korea-based creative NFT firm, NUMOMO, to release community non-fungible tokens. These tokens will provide the community access to the real-world utility of NFTs.

VanEck launches community NFTs

VanEck is one of the largest investment managers globally, and the anticipated NFTs will be based on the Ethereum blockchain. This is the first such initiative by VanEck, and it will involve the release of 1000 NFTs by VanEck.

The official announcement says that these community NFTs will offer real-world utility depending on their structure. The NFTs will be inspired by a fictional character dubbed Hammy, who represents Alexander Hamilton.

“Since NFTs first emerged as a means to showcase compelling digital art, we haven’t overlooked that part of the equation either. Our NFTs will all feature eye-popping 3D avatars and narrative-style videos that will help create a real sense of story and spur discussion, debate, and community. Our character ‘Hammy’ is going to be an outstanding guide for anyone interested in seeing the past, present and future of finance unfold,” said the VanEck Community NFT co-founder, JP Lee.

The investment manager is planning to release 1000 NFTs in total. 750 of these will be common NFTs, while 230 and 20 will be rare and legendary respectively. Each of these categories will unlock benefits for the NFT holders.

According to the announcement, this NFT initiative was part of VanEck’s strategy to unveil a digital membership card that would give the holders exclusive access to a wide range of events and research regarding digital assets and promote an inclusive community for investors and digital asset investors.

VanEck’s CEO is optimistic about crypto

The Chief Executive Officer of VanEck, Jan van Eck, said that he was impressed by the NFT sector. According to the executive, blockchain technology could change Watt Street. He said that the slow adoption rate of crypto assets by both individual and institutional investors was caused by a lack of a clear regulatory framework.

VanEck’s plans to launch a spot Bitcoin exchange-traded fund (ETF) have been thwarted by the US Securities and Exchange Commission. The SEC has postponed VanEck’s Bitcoin ETF application severally, saying that crypto prices are prone to manipulation, making such products highly risky.

In March, VanEck listed the Digital Assets Mining ETF (DAM), which focused on companies operating in the crypto mining sector.

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