Today, July 29, global cryptocurrency exchange KuCoin debuted its flagship NFT ETF Trading Zone offering. A press release developed it to increase NFT asset liquidity and lower the blue-chip NFT investment requirement for more than 20 million consumers.
Initially supporting this instrument on CEX
With the launch of this new item, KuCoin establishes itself as the first CEX to support such instruments. Additionally, it was the first to introduce a USDT-denominated ETF product that tracked particular underlying blue-chip NFT assets.
Included among the five ETFs are hiBAYC and hiPUNKS
In a joint effort with Fracton Protocol, The Trading Zone will list five ETFs with the underlying assets hiSAND33, hiKODA, hiBAYC, hiPUNKS, and hiENS4 as a starting point.
The first token that the KuCoin NFT ETF Trade Zone will support for trading will provide users proportional ownership in native blue-chip NFTs is called hiBAYC.
Major push to develop mature NFT market
The new offering significantly lowers the investment barrier of top or high-potential NFTs, which aids KuCoin in its mission to hasten the development of a mature NFT market.
Additionally, it provides top-notch liquidity, more advantageous ways to invest in the best NFTs by using USDT rather than ether, and no issues with the administration of NFT infrastructure components, including wallets, OpenSea, and smart contracts.
Previous KuCoin Accomplishments
In April of this year, KuCoin unveiled its active NFT platform Wonderland, which supports both conventional and cryptocurrency games. Another NFT marketplace offering NFT minting, a launchpad, trade, administration, etc., was released in May under the name Windvane.
Johnny Lyu, CEO of KuCoin, said:
KuCoin, a cryptocurrency exchange, will continue to provide investors with user-friendly products to make NFT investments simpler for them. We’re happy to be the first centralized cryptocurrency exchange to support NFT ETFs, which let users effortlessly trade and invest in the best NFTs using USDT. KuCoin will continue to look at further NFT-related solutions for our users in the future.