TradFi’s strong interest in Web3 tokenization showcased by VanEck’s latest NFT platform, SegMint

Asset management firm VanEck plans to replicate the success of its recently launched Bitcoin exchange-traded fund (ETF) in the United States by introducing a new self-custody non-fungible token (NFT) platform. The platform, called SegMint, aims to explore the potential of tokenized digital asset ownership. VanEck’s NFT community and Web3 head, Matthew Bartlett, spoke exclusively to Cointelegraph about the upcoming launch of SegMint at NFT Paris. The platform will allow users to vault and fractionize digital assets by issuing tradable keys on its in-house exchange. VanEck, known for its active exploration of cryptocurrency ETFs and digital asset ownership, was the first U.S. asset manager to file for a spot Bitcoin ETF in 2017. Bartlett, who has nearly two decades of experience in the traditional finance sector, was given the mandate to build an in-house platform for NFT ownership and digital asset fractionization due to his personal interest in the space. SegMint aims to address the problems found in existing NFT platforms by focusing on shared ownership and fractionalization of assets while maintaining users’ self-custody of their digital assets. The platform launched on February 28 and requires users to complete a Know Your Customer process to create vaults and launch NFTs. Bartlett hopes that SegMint will attract owners of popular NFTs like CryptoPunks, Squiggles, and Pudgy Penguins to fractionalize their holdings. In the long term, SegMint aims to partner with other blockchain-based platforms that tokenize real-world assets such as vintage wines and luxury watches. Bartlett sees tokenized real estate as another high-potential prospect for fractionalized ownership. He envisions a separate platform that would utilize blockchain technology for various real estate use cases, such as creating tradable keys for different weeks of the year for a vacation home. Although Bartlett acknowledges that it may take years for these use cases to be fully realized, he believes they hold great potential. VanEck’s Bitcoin ETF in the U.S. has attracted over $272 million in investments since receiving approval from the U.S. Securities and Exchange Commission in January 2024. Additionally, VanEck Europe’s Bitcoin and crypto exchange-traded products are gaining interest from investors looking to diversify their portfolios with exposure to the cryptocurrency sector.