The KuCoin exchange debuted USDT-dominated NFT ETFs and the new investment product aims to increase liquidity and access to leading NFT token collections like BAYC so let’s read more today in our latest cryptocurrency news.
The KuCoin exchange debuted USDT-dominated NFT ETFs and now users will have access to token collections like the Bored Ape Yacht Club. KuCoin’s NFT ETF trading Zone went live on Friday and the new product is launched with the help of the NFT infrastructure provider Fracton Protocol. The KuCoin NFT ETF is a Tether-dominated product that marks particular underlying FNT assets like the Bored Ape Yacht Club which is one of the five ETFs that Kucoin launched. Trading under the hibAYC symbol, the ERC-20 token represented 1/1,000,000 ownership of the target BAYC in the meta-swap of the Fracton Protocol.
The ETF aims to increase liquditiy as it enables exposure to the NFTs with the USDT stablecoin instead of Ether. It eliminates the risks and the concerns around the NFT infrastructure elements like wallets and smart contracts or other marketplaces like OpenSea. In addition to hiBAYC, the investmetn also covers CryptoPunks, hiSAND, Koda NFTs and hiENS4. Starting with hiBayc, the investment product is scheduled to list hiPUNKS at the beginning of August and the listings will be announced at a later date.
The ETF marks an important milestone for the KuCoin efforts to accelerate the establishment of the NFT market by lowering the investment threshold of the leading digital collectibles. The exchange was focused on developing the NFT sector and launched the interactive NFT platform wonderland while also rolling out Windvane as another marketplace providing NFT launchpad options, mint, trade, and management. The CEO Johnny Lyu said that his exchange will support these ETFs that allow users to invest and to trade top NFTs directly with USDT:
“KuCoin will continue to offer user-friendly products for investors, allowing them to easily participate in NFT investments.”
KuCoin is not the first to explore NFT ETFs since back in 2021, Defiance launched the world’s first NFT-based ETF on the New York Stock Exchange Arca which tracks the index of companies that operate or plant o operate the NFTs in the metaverse sector.
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