Cathie Wood Applies For First ETH Spot ETF 👩

GM. This is Degen Scoop. It’s Thursday, here’s the scoop:

• Cathie Wood Applies For First ETH Spot ETF 👩

• Visa Payments Will Use Many Blockchains 💳

• Justin Bieber Song Becomes NFT For Revenue Share 🎵

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Cathie Wood, Head of Ark Invest, Applies for First ETH Spot ETF

Ever since BlackRock filed for their spot Bitcoin ETF, the potential of a spot Bitcoin ETF has been a major narrative giving optimism to investors. Bitcoin is the largest crypto asset by market cap, so it’s understandable. Yesterday, we saw the first application for an Ethereum spot ETF which you probably already know is the second largest crypto asset by market cap.

The ARK 21Shares Ethereum ETF will operate similarly to a spot Bitcoin ETF, but the underlying asset will be Ethereum instead of Bitcoin. Ark Invest has named Coinbase as their custodian following in the footsteps of the Bitcoin ETFs. With Ark Invest being the trendsetters here, we fully expect more companies to follow suit and put in their applications for an ETH spot ETF.

Visa Head of Crypto: Multiple Blockchains Will Be Utilized

Our main story yesterday covered Visa’s announced partnership with Solana but we have learned that this won’t be the only chain to be used for payment settlements. It’s clear that blockchain has plenty of potential as more of these announcements get made every day, it’s only a matter of working out the kinks and educating the public on how this is ultimately a better system.

This doesn’t surprise us as Visa is essentially just a middleman who is more than happy to eat fees wherever it can. This is why all the major institutions are applying for spot ETFs: they’ll get paid and earn fees by custodying digital assets for customers. We wouldn’t be bearish on human greed in the long run; we’re long on human degeneracy.

Justin Bieber’s ‘Company’ Becomes NFT Allowing Speculators to Earn Royalties

In 2015, Justin Bieber’s song ‘Company’ became another hit for the pop star. In collaboration with anotherblock, the song will be released as an NFT (supply of 2,000) for fans to speculate on and earn royalties. Axident will remain the primary royalty holder, but holders of the NFT will be eligible for a 1% royalty share from song streams.

The implications of this are fascinating with plenty of possibilities. How do traders handle this new asset? Do owners begin to advertise the track again for increased royalties? What protocols will build with it (Blur, JPEG’d, etc.)? Will more artists pursue this as an additional revenue stream? Will the NFT be used for a gated community? There is so much room for innovation; we love this as an experiment and will watch eagerly.

Notable NFT Sales in the Last 24 Hours:

Notable Threads You May Have Missed:

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.