Popular cryptocurrency exchange, KuCoin, has collaborated with Fracton Protocol, an NFT liquidity infrastructure, to expand the adoption of NFTs. The development has been revealed in a tweet by the exchange on Tuesday. Reportedly, the NFT Protocol intends to leverage its collaboration with Kucoin to become a popular NFT trading platform for all retail subscribers.
KuCoin’s collaboration with Fracton Protocol will help address liquidity issues in the NFT space. The partnership will also give Fracton a competitive advantage over virtual marketplaces that only promote healthy NFT trading. Likewise, the partnership tends to broaden the engagements of the general public, NFT enthusiasts, collectors and traders.
Over time, the indivisibility of NFTs has continued to restrict its adoption, especially by retail investors. Although the industry, since its biggest peak in 2021, has grown rapidly, amassing a volume of around $20 billion. However, its indivisibility and onerous nature have openly discouraged the participation of small investors.
Some NFT collections on Ethereum currently enjoy floor prices above $1,500. Similarly, the cheapest among NFT collections, especially in Yuga Labs BAYC, is 93 ETH. This development therefore opens up investment to wealth investors only. However, the partnership between Kucoin and the Fracton protocol now aims to expand the accessibility of these tokens.
To date, the protocol supports tokenization of BAYC and PUNKS collections. However, with its collaboration with Kucoin, the protocol intends to expand to other NFT projects. According to the protocol, this will help broaden the accessibility and adoption of trends.
However, KuCoin has continued to raise investment funds despite prevailing market conditions through its collaboration with numerous crypto firms. Recall that the exchange had, last week, obtained a strategic contract from Susquehanna International Group (SIG) to facilitate the integration of the blockchain and the construction of the KCS & KCC ecosystem. Likewise, the exchange secured a $10 million investment through the partnership.
As revealed, KuCoin intends to use the funds to bolster its platform infrastructure. Moreover, the exchange wants to improve its product range and organize the next bull run. The capital, according to the findings, will further fund its global expansion and hiring programs. Notably, the exchange’s collaboration with SIG tends to help promising crypto startup projects built on the KCC chain through incubation, investment, and consultation.
Additionally, in May, the exchange raised approximately $150 million in a pre-Series B funding round. As noted, the funding round was led by Jump Crypto. The funding brings the exchange’s total investments to approximately $170 million.
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