A crypto gaming ETF or NFT could soon be hitting the mainstream market. While regulators continue to clarify the rules and regulations surrounding crypto-based investment funds, ETF issuers are exploring new ways to provide investors with exposure to blockchain-driven sectors through tokenized gaming ecosystems and NFT marketplaces.
According to D24 Fintech, as digital gaming integrates blockchain mechanics from in-game tokens to player-owned assets, ETFs could transition to targeting crypto gaming studios, platform tokens, and hardware developers. The likes of EA, Unity Software, Roblox, AppLovin, and Nintendo are being pinned as potential candidates for thematic portfolios.
Shreenath Iyer, Chief Marketing Officer at D24 Fintech, said: “While the idea of a crypto gaming ETF might sound futuristic, the model does already exist. For instance, VanEck Video Gaming and eSports ETF (ESPO), which tracks the MVIS Global Video Gaming & eSports Index, has grown to nearly $500 million in assets under management in 2025.
“NFT ETFs are also gaining traction. Many existing funds don’t hold NFTs themselves but instead invest in publicly listed companies active in the NFT space. Nevertheless, Canary Capital’s proposed $PENGU ETF could act as a significant catalyst. The filing combining the $PENGU token on Solana with Ethereum-based Pudgy Penguins NFTs will be the first U.S. ETF designed to include NFTs directly and, if approved, would signal the start of a new class of digital asset funds.”
Unlike traditional crypto ETFs, which hold assets like Bitcoin, crypto gaming and NFT ETFs take a broader, more thematic approach, tracking companies or tokens tied to high-growth, high-volatility segments of the digital economy. This diversification may bring a breadth of opportunity, but many analysts fear that such ETFs could carry risks driven by adoption rates and regulatory uncertainty over crypto market fluctuations.
“Despite the risks, D24 Fintech foresees that investor demand for thematic ETFs is consistent,” added Iyer. “Funds focused on esports, metaverse, or AI innovation demonstrate that investors are keen on transformative trends. However, market sentiment is shifting, with young traders moving towards AI and real-world asset narratives, while institutional investors remain cautious about gaming-related exposure.
“Meanwhile, the next wave of capital from institutions and pension funds tends to be older and less interested in gaming-related themes, making it even harder for such ETFs to attract large inflows. So, while there’s potential, it’s uncertain whether crypto gaming or NFT ETF would gain traction, at least until a new narrative or use case revives interest in these sectors.
“Fractional NFTs, tokenized in-game assets, and hybrid equity-token ETFs could define the next evolution of blockchain investing. At D24 Fintech, we believe that, as digital assets become more regulated and interoperable, ETFs that blend traditional equities with token exposure could act as a bridge between the stock market and Web3,” concluded Iyer.
