KuCoin has become the first centralized trading platform on the market to offer blue-chip NFT investments with the launch of the NFT ETF product aimed at over 20 million users.
According to a press release Coinfomania gained access to, the innovative trading product lowers entry thresholds for millions of users and allows for the release of a USDT blue-chip basis for NFTs, fast-tracking top Non-Fungible Tokens up the market.
The launch of the new NFT ETF Trading Zone has become possible thanks to KuCoin’s partnership with Fracton Protocol, which allows the exchange to field hiBAYC, hiPUNKS, hiSAND33, hiKODA, and hiENS4 as underlying assets at the start of trading.
The hiBAYC ERC-20 token represents 1/1,000,000 ownership of the BAYC token, native to the BAYC Meta-Swap of the Fracton Protocol. KuCoin intends to launch hiBAYC token trading on the NFT ETF Trading Zone as the first asset with other assets set for inclusion in the trading list in the near future.
Johnny Lyu, the CEO of KuCoin, had the following to say regarding the new product’s launch:
“As a trading platform that maintains 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.”
KuCoin pushes the boundary of NFT Adoption
The KuCoin exchange is launching the NFT ETF Trading Zone in an effort to bring more top-grade exposure to the NFT sector. The lowering of entry thresholds into NFT trading will allow millions of users to partake in the market and contribute to its gradual development through confidence and liquidity injections.
The NFT ETF Trading Zone is designed to stand out as a specialized trading venue giving users access to direct NFT purchases using USDT for stable exchange rates, as well as extensive functionality, including wallets and other modules.
KuCoin has been making headway in penetrating NFT space in recent months. The launch of the Wonderland NFT launch platform in April and the Windvane NFT Marketplace later in May positioned the exchange as the go-to venue for NFT trade, management, launchpad services, and minting.
