KuCoin has launched an exchange-traded fund (ETF) linked to major NFT token assets such as Bored Ape Yacht Club (BAYC).
KuCoin’s NFT ETF Trading Zone was launched on Friday, where the companyannouncethat this new investment product was launched in partnership with infrastructure provider NFT Fracton Protocol.
KuCoin NFT ETF is a Tether-based product ( USDT ), which is associated with specific NFT token assets such as Bored Ape Yacht Club BAYC, and is one of five NFT ETFs KuCoin is launching, trading under the ticker hiBAYC. The asset is an ERC-20 token, representing BAYC’s 1/1,000,000 ownership in the Fracton Protocol’s BAYC meta-swap.
The ETF aims to increase liquidity. as it allows access to NFT via USDT stablecoin instead of Ether ( ETH It also eliminates the risks and concerns about managing NFT infrastructure elements such as wallets, smart contracts, and marketplaces such as OpenSea.
In addition to hiBAYC, the investment covers CryptoPunks (hiPUNKS), Koda NFTs (hiKODA), hiSAND33 and hiENS4, of which investment products include:setwill list hiPUNKS on August 4th and for hiKODA, hiSAND33 and hiENS4 will be announced at a later date.
The ETF marks a major step in KuCoin’s efforts to accelerate the formation of the NFT market by lowering the threshold for leading digital collectibles.
“KuCoin will continue to offer user-friendly products for investors. This makes it easy for them to participate in NFT investments,” said Johnny Lyu, CEO of KuCoin. KuCoin has become the first centralized crypto exchange to support NFT ETFs, allowing users to directly invest and trade leading NFTs. with USDT
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