Leading cryptocurrency exchange, Kucoin recently unveiled its NFT ETF trading zone. The exchange confirmed the development in a Twitter post relayed on its verified handle on Friday. According to Kucoin, the new product is intended to foster the liquidity of NFT assets. More so, the exchange says the newly launched NFT ETF trading zone will reduce the investment threshold of blue-chip NFTs over about 20 million subscribers.
Kucoin, with this development, emerged as the first centralized crypto exchange to support such instruments. Similarly, the exchange becomes market actor to introduce a USDT-dominated ETF product. This product, as revealed, marks specific blue-chip NFT assets. Reportedly, the newly unveiled trading zone tends to enable more investors to secure easy access to major NFTs.
Additionally, Kucoin reportedly partnered with Fracton Protocol to list 5 NFT ETFs on the unveiled trading zone. Additionally, ETFs, as reported, will cover hiBAYC, hiPUNKS, hiSAND33, KiKODA, and hiENS4 as underlying assets.
As revealed, the hiBAYC emanated as an ERC-20 token. It reportedly represent 1/1,000,000 ownership of the target BAYC in the BAYC meta-swap of Fracton protocol. Reportedly, the new trading zone tends to support hiBAYC token trading. This thus enables subscribers to obtain proportional ownership of native blue-chip NFTs. Kucoin, however, promises to unveil more NFT ETFs through its sustainable collaboration with Francton Protocol.
Kucoin aims to establish a reliable NFT market
Likewise, the unveiling of the trading zone grossly aids Kucoin’s effort toward establishing a reliable NFT market. It does this by reducing the investment threshold of highly potential and significant NFTs in the crypto sphere. Also, it avails a unique trading experience coupled with globally standard liquidity.
This, according to the exchange, offers a better alternative to investing in major NFT via direct purchases with USDT. Similarly, the new trading zone removes the concerns occasioned by the management of NFT infrastructural mechanisms, like Opensea, smart contracts, and wallets.
According to the CEO of Kucoin, Johnny Lyu, the exchange plans to sustain its penetration effort into the NFT industry. Lyu insisted that Kucoin will continue to avail user-friendly products to its investors. This, according to him, helps to aid their participation in NFT investments.
Meanwhile, the CEO further expressed the excitement of his team to emerge as the first centralized exchange to support NFT ETFs. He added that the trading zone tends to enable subscribers to invest and trade top NFTs directly without any hitches. In addition, Lyu reaffirms the commitment of Kucoin to harnessing more NFT-oriented products for the benefit of its subscribers.