Mumbai: KuCoin, a global cryptocurrency exchange, has announced the launch of its NFT ETF Trading Zone. The new product aims to improve the liquidity of NFT assets and lower the investment threshold of blue-chip NFTs for over 20 million users.
The launch of the NFT ETF makes the KuCoin the first centralized crypto exchange supporting such instruments. KuCoin is also the first market player to introduce a USDT-dominated ETF product that marks particular underlying blue-chip NFT assets. The new Trading Zone will make top NFTs accessible to a broader range of investors seeking to acquire blue-chip NFTs. In partnership with Fracton Protocol, the KuCoin NFT ETF Trading Zone will first list 5 NFT ETFs covering hiBAYC, hiPUNKS, hiSAND33, hiKODA, and hiENS4 as underlying assets as a beginning.
hiBAYC is an ERC-20 token representing 1/1,000,000 ownership of the target BAYC in the BAYC Meta-Swap of the Fracton Protocol. The KuCoin NFT ETF Trading Zone will support hiBAYC token trading first, allowing users to own proportionally shared ownership of native blue-chip NFTs. In the future, KuCoin will launch more NFT ETFs in partnership with the corporate department of the Fracton Protocol.
KuCoin has long held the NFT sector in special focus, as evidenced by the launch of Wonderland in April – KuCoin’s interactive NFT launch platform for crypto and traditional games. Wonderland allows users to enjoy a seamless and centralized experience in buying, investing, and managing their in-game NFTs. The month of May saw the release of Windvane, another NFT marketplace providing NFT launchpad, NFT mint, trade, management, and many other services.
Johnny Lyu, the CEO of KuCoin, stated, “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. We are very excited to become the first centralized crypto exchange to support NFT ETFs that allow users to conveniently invest and trade top NFTs directly with USDT. In the future, KuCoin will keep exploring more NFT-related products for our users.”
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