Swiss crypto-bank Seba Bank today announced to its customers that they could now benefit from an institutional grade custody service for their non-fungible tokens (NFTs). Seba Bank adds another service to its catalogue of tools dedicated to crypto-currencies and digital assets.
Seba Bank adopts NFTs
While the non-fungible token (NFT) market is doing poorly, some institutions still see potential in pixelated avatars.
Indeed, in a statement released today, Seba Bank, a Swiss bank specialising in crypto-currencies, announced that it would now offer a custody service for high-value NFTs circulating on the Ethereum blockchain (ETH).
In other words, this includes ERC-721 standard NFTs, such as the mythical Bored Ape Yacht Club (BAYC) monkeys, CryptoPunks or Meebits. According to the press release, Seba Bank’s customers will now be able to claim “an institutional quality custody solution with all the necessary guarantees to secure their precious NFTs”.
Thus, they will no longer need to worry about their private key, the NFT will be held in Seba Bank’s vaults. Urs Bernegger, Seba Bank’s co-head of markets and investment solutions, welcomed the additional offering for the Swiss bank’s clients:
The range of services combined with the highest security standards makes SEBA Bank’s service offering unique and we are very pleased to be able to support our clients with our expertise by expanding our service with the custody of NFT. “
This service is thus added to the catalogue of Seba Bank, which already offers cryptocurrency trading, crypto staking, numerous investment solutions, or a digital asset custody service.
Volume down, but interest steady
Since May 2022, the daily volume of NFTs traded has been decreasing. However, the so-called blue chip NFTs continue to find interest from the most affluent investors. This concerns the most expensive collections in this market segment, with prices sometimes reaching 7 figures.
Market capitalisation (purple) and volume (blue) of the NFT market
This is particularly striking over the last 30 days. Indeed, while total NFT volume is down, some coins continue to sell for millions. CryptoPunk 2924, for example, found a buyer for $4.31 million on September 28.
NFT’s top sellers over the last 30 days
Thus, the custody service offered here by Seba Bank makes sense insofar as holders of high-value NFTs logically wish to place their tokens in a safe place, no doubt in the hope of reselling them at a better price when the market rises again.
