The global crypto exchange, KuCoin gets larger and bigger after launching its NFT ETF Trading Zone. On Friday, KuCoin launched its new product to boost the liquidity of NFT assets.
This step will further decrease the investment threshold of blue-chip NFTs for over 20 million users.
KuCoin thus, becomes the first crypto exchange to launch NFT ETFs. KuCoin is also the only crypto firm to introduce a USDT-dominated ETF product for specific blue chip NFTs.
This product is launched in collaboration with Fracton Protocol which fractionalizes valuable NFTs into fungible Ethereum-based ERC-20 tokens. The latest move will make blue-chip NFTs accessible to a broader range of investors.
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Initially, the KuCoin NFT ETF Trading Zone will first list five NFT ETFs including hiPUNKS, hiBAYC, hiSAND33, hiKODA, and hiENS4 as underlying assets.
For the uninitiated, hiBAYC, a ERC-20 token represents 1/1,000,000 ownership of the target BAYC in the BAYC Meta-Swap of the Fracton Protocol. The KuCoin NFT ETF will back hiBAYC token trading in the beginning to let users own ‘proportionally’ shared ownership of blue-chip NFTs.
KuCoin NFT ETF Trading Zone will speed up the creation of a mature NFT market by lowering the investment threshold of top NFTs. Additionally, it also provides an easier choice of investing in high-potential NFTs through direct purchases with USDT, instead of ETH.
Johnny Lyu, the CEO of KuCoin, commented “As a trading platform that is maintaining its rate of penetration in the NFT sector, KuCoin will continue to offer user-friendly products for investors, allowing them to easily participate in NFT investments.”
He said that KuCoin is very excited to be the first centralized crypto exchange to support NFT ETFs to help users to easily invest in and trade top NFTs directly with USDT. KuCoin is expected to bring in more NFT-related products for users in future.
