Kucoin Talks About The Early Days Of The NFT ETFAdmin
Representatives of the KuCoin exchange have officially confirmed that they have become the first cryptocurrency trading platform to launch non-fungible token exchange-traded funds (NFT ETFs) successfully. Two days after the product launch, analysts noted retail investors’ high interest in owning parts of extensive collections of digital art. The ETFs are currently linked to five highly liquid market gatherings, including Bored Ape Yacht Club (BAYC).
Thus, the exchange’s new product lowered the NFT investment threshold from the so-called “blue chips.” It was also confirmed that the project was launched in partnership with Fracton Protocol. This made it possible for investors to purchase virtual assets not with Ethereum (ETH) but with the stablecoin Tether (USDT).
The product’s creators noted that at the moment, 5 NFT ETFs are available to traders: hiPUNKS, hiBAYC, hiSAND33, hiKODA, and hiENS4. hiBAYC is an ERC-20 token equivalent to 1/1,000,000 of the ownership of BAYC NFT collection items, which is the most expensive on the market. As of July 31, 2021, the cheapest BAYC is trading at around 146K KuCoin ETFs, allowing you to own a piece of BAYC for a small price.
HiPUNKS and hiKODA work according to a similar mechanism, which are shares of the CryptoPunks and Koda NFT collections, respectively. Representatives of the cryptocurrency community assured that in the future they will launch new NFT ETFs in partnership with Fracton Protocol.