SEBA Bank, a crypto-friendly bank in Zug, Switzerland, announced on Wednesday the launch of an NFT custody solution that gives customers the ability to hold non-fungible tokens (NFTs) without the hassle of managing private keys themselves. themselves.

The Swiss bank said the new service is set to allow customers to store any Ethereum-based NFTs, especially top-tier NFTs, those that are best known and have consistently maintained a high market value, such as CryptoPunks, Bored Apes, and Clone. X. .

SEBA Bank said that the custody solution gives its clients absolute confidence in the safety of their NFTs, managed like any other digital asset.

Although the NFT market remains below its peak in late 2021 and early this year, the assets still attract buyers.

Tier 1 NFTs, which are often considered a good long-term investment, posted their best performance in April, while May and June were the worst performing periods in tier 1 NFT history.

NFT sales fell sharply in Q3 as crypto investors’ buying shares have cooled off from the crypto winter, while central bank rate hikes prompt investors to dump risky assets.

According to blockchain tracker DappRadar, the third quarter of this year saw $3.4 billion in NFT sales, down from $8.4 billion in the previous quarter and $12.5 billion at the peak of the market in the first quarter of the year. .

Even though many NFT investors are making losses on sell transactions today, the number of investors holding their NFT investments continues to rise. In June and July alone, nearly 500,000 users joined the growing pool of NFT investors who intend to hold long-term, bringing the number of holders above 3 million at the time.

SEBA’s NFT custody service is a response to the rise of institutional investors looking to invest in the NFT landscape. A SEBA Bank spokesperson further revealed that major market participants also need a regulated custodian to ensure the security and integrity of NFTs.

Initially, SEBA said its custody offering is open to new and existing clients who must be institutional or professional investors.

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