With the debut of an NFT ETF product aimed at more than 20 million customers, KuCoin has become the first centralized trading platform to provide blue-chip NFT investments.
According to a press release obtained by Coinposters, the revolutionary trading product reduces entry barriers for millions of users and enables the issuance of a USDT blue-chip basis for Non-Fungible Tokens, propelling leading Non-Fungible Tokens to the top of the market.
KuCoin’s relationship with Fracton Protocol has enabled the debut of the new NFT ETF Trading Zone, allowing the exchange to list hiBAYC, hiPUNKS, hiSAND33, hiKODA, and hiENS4 as underlying assets at the start of trading.
The hiBAYC ERC-20 token symbolizes 1/1,000,000 BAYC token ownership, which is native to the BAYC Meta-Swap of the Fracton Protocol. KuCoin plans to begin hiBAYC token trading on the NFT ETF Trading Zone as the first asset, with more assets to be added to the trading list in the near future.
The CEO of KuCoin, Johnny Lyu, had the following to say on the debut of the new product:
“As a trading platform that maintains its penetration rate in the NFT industry, KuCoin will continue to provide user-friendly goods for investors, enabling them to engage in NFT investments with ease. We are ecstatic to be the first centralized crypto exchange to handle NFT ETFs, allowing customers to invest and trade top NFTs using USDT in a straightforward manner. KuCoin will investigate other NFT-related solutions for our consumers in the future.
The NFT ETF Trading Zone is being introduced by the KuCoin exchange in an attempt to increase premium exposure to the NFT industry. The reduction of entry barriers for NFT trading will let millions of users to participate in the market and contribute to its progressive growth via confidence and liquidity injections.
The NFT ETF Trading Zone is intended to stand out as a specialized trading arena that provides users with access to direct NFT purchases utilizing USDT for stable exchange rates, as well as significant functionality, such as wallets and other modules.
KuCoin’s penetration in the NFT market has advanced in recent months. The introduction of the Wonderland NFT launch platform in April and the Windvane NFT Marketplace in late May positioned the exchange as the go-to location for NFT trading, management, launchpad services, and minting.
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