Crypto exchange, KuCoin, launched its NFT ETF trading area on Friday according to a announcement on his verified Twitter account. The exchange aims to improve the liquidity of NFTs across the trading area. Furthermore, it aims to lower the investment threshold of prime NFTs for its users.
KuCoin CEO Johnny Lyu has expressed his opinion on the initiative. In his words, he described the development as KuCoin’s way of maintaining its level of exposure to the NFT market.
The CEO revealed that the crypto exchange will continue to better serve its users by seamlessly helping them invest in NFTs. Lyu expressed her joy at how the company has risen to the top by becoming the first CEX to support the initiative. Finally, the CEO revealed that the crypto exchange will continue to introduce NFT products for its users.
With this giant leap, the new NFT trading area will become accessible to investors willing to source top-notch NFTs. This is the result of the crypto exchange partnership with the Fraction Protocol. Therefore, the NFT ETF trading area will list five types of NFT ETFs. These NFT ETFs are underlying assets commensurate with the launch of the initiative. The NFT ETFs offered for listing are hiBAYC, hiPUNKs, hiSAND33, hiKODA and hiENS4.
Additionally, BAYC is an ERC-20 token that symbolizes 1/1,000,000 of the target BAYC meta-exchange of the Fracton protocol. As revealed, the NFT ETF trading area will support the hiBAYC token exchange. Hence, helping users gain co-ownership of top-notch native NFTs. Meanwhile, KuCoin revealed that it will usher in more ETF NFT initiatives in the future.
Recall that last Tuesday, KuCoin announced a partnership with Fraction Protocol. The crypto exchange intends to expand the availability of NFTs to a wider audience. With this partnership, KuCoin would help Fraction become a premier trading outlet for NFT retail investors. According to the reveal, the collaboration will equip Fraction to be competitive in the NFT industry.
Likewise, the initiative is mutually beneficial for KuCoin and its customers. With the development, KuCoin now occupies a dominant position in its attempt to accelerate the creation of an established NFT market.
For users, it will advance their trading experience with notable features such as world-class liquidity. Likewise, it will provide a great way to invest in top-tier NFT collections using USDT rather than ETH. According to the announcement, users can trade without worrying about managing NFT trading mechanisms like Opensea, wallet and smart contract.
Until now, KuCoin has been an active player in the NFT industry. Around April 2022, it launched “Wonderland” to help users with an easy way to trade and manage NFTs in GameFi. The following month, KuCoin launched Windvane, another NFT-oriented platform. Through Windvane, users acquire NFT dashboard, mint and NFT trading.
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