Crypto exchange, KuCoin, on Friday, launched its NFT ETF trading zone according to an announcement on its verified Twitter handle. The exchange seeks to enhance the liquidity of NFTs through the trading zone. Also, it aims to lessen the investment threshold of blue-chip NFTs for its users.
The CEO of KuCoin, Johnny Lyu, aired his opinion about the initiative. In his words, he described the development as KuCoin’s way of maintaining its level of exposure to the NFT Market.
The CEO revealed that the crypto exchange would continue to serve its users better by seamlessly aiding them in investing in NFTs. Lyu expressed his delight in how the firm attained the height of becoming the first CEX to support the initiative. Lastly, the CEO revealed that the crypto exchange would keep introducing NFT products for its users.
With this giant stride, the New NFT Trading zone will become available to investors willing to procure blue-chip NFTs. This is a result of the crypto exchange partnership with the Fraction protocol. Consequently, the NFT ETF trading zone will list five types of NFT ETFs. These NFT ETFs are underlying assets to commensurate the launch of the initiative. The proposed NFT ETFs for listing are hiBAYC, hiPUNKs, hiSAND33, hiKODA, and hiENS4.
Furthermore, BAYC is an ERC-20 token that symbolizes 1/1,000,000 of the target BAYC Meta-Swap of the Fracton Protocol. As revealed, the NFT ETF trading zone will back the exchange of hiBAYC tokens. Consequently, aiding users in acquiring joint ownership of native blue-chip NFTs. Meanwhile, KuCoin revealed it would inaugurate more NFT ETFs initiatives in the future.
Recall that last Tuesday, KuCoin announced a partnership with Fraction Protocol. The crypto exchange intends to expand the availability of NFTs to a broader audience. With the partnership, KuCoin would support Fraction’s becoming a prominent trading outlet for NFT retail investors. According to the revelation, the collaboration will equip Fraction to compete in the NFT industry.
Likewise, the initiative is of mutual benefit for both KuCoin and its customers. With the development, KuCoin is now in a commanding position in its attempt to fast-track the creation of an established NFT market.
For users, it will advance their trading experience with notable features like world-class liquidity. Similarly, it will offer an excellent way to invest in prominent NFTs collections using USDT rather than ETH. According to the announcement, users can trade without worrying about managing NFT trading mechanisms like Opensea, wallet, and smart contract.
Before now, KuCoin has been an active actor in the NFT industry. Around April 2022, it launched “Wonderland” to aid users with an easy way of trading and managing NFTs in GameFi. The following month, KuCoin launched Windvane, another NFT-oriented platform. Through Windvane, users acquire NFT launchpad, mint, and trade NFT.
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Source: https://insidebitcoins.com/news/kucoin-launches-nft-etf-trading-zone