Crypto Exchange KuCoin Launches NFT ETFs By Benzinga

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Crypto Exchange KuCoin Launches NFT ETFs

Published Jul 29, 2022 22:29 Updated Jul 29, 2022 23:10

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Crypto Exchange KuCoin Launches NFT ETFs

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Cryptocurrency exchange KuCoin announced on Friday the launch of NFT exchange-traded funds (ETFs) to allow fractional ownership of popular digital tokens, such as Bored Ape Yacht Club (BAYC), to its users.

The exchange stated the offering was aimed at improving the liquidity of NFT assets and lowering the investment threshold of blue-chip NFTs.

What Happened: In partnership with Fracton Protocol, five NFT ETFs will be listed initially, including hiBAYC, hiPUNKS, hiSAND33, hiKODA and hiENS4 as underlying assets. Fracton Protocol is a service dedicated to fractionalizing valuable NFTs into fungible Ethereum (CRYPTO: ETH)-based ERC-20 tokens.

The ERC-20 tokens represent 1/1,000,000 ownership of the NFT collection.

An example of a hiBAYC coin representing 1/1,000,000 ownership of the BAYC collection is one of the ERC-20 tokens that are part of KuCoin's NFT funds.

KuCoin stated that by decreasing the investment threshold of high-potential and top NFTs in the crypto industry, the launch of the KuCoin NFT ETF aids the exchange in its efforts to accelerate the development of a mature NFT market.

KuCoin said it offered a superior trading experience with top-notch liquidity, a better method to invest in leading NFTs through direct purchases using USDT rather than Ethereum and the freedom from handling NFT infrastructure elements such as OpenSea, wallets and smart contracts.

Why It Matters: “As a trading platform that is maintaining its rate of penetration in the NFT sector, KuCoin will continue to offer user-friendly products for investors, allowing them to easily participate in NFT investments," KuCoin CEO Johnny Lyu said.

"We are very excited to become the first centralized crypto exchange to support NFT ETFs that allow users to conveniently invest and trade top NFTs directly with USDT. In the future, KuCoin will keep exploring more NFT-related products for our users.”

Photo: KuCoin

Read the original article on Benzinga

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