Summary
- KuCoin will provide an NFT ETF Trading Zone, which will initially feature five NFT ETFs covering hiBAYC, highunks, hisand33, and hikod.
- An ERC-20 token called HiBAYC represents one-hundredth of a share in the target BAYC.
- KuCoin NFT ETF Trading Zone gives a significant boost to the exchange’s efforts to accelerate the establishment of a mature NFT market. This is one of the primary goals of the exchange.
With the launch of the NFT ETF, KuCoin has established itself as the first centralized cryptocurrency exchange to provide customers with these products. KuCoin has also introduced an exchange-traded fund (ETF) that has a predominant composition of USDT and identifies certain blue-chip NFT assets.
A wider variety of investors will find it easier and more convenient to purchase blue-chip NFTs as a result of the new Trading Zone.
“KuCoin will continue to supply user-friendly solutions to investors, which will make it simpler for them to take part in non-fiat currency investments, Consumers are given the opportunity to invest in and trade non-traditional assets (NFTs) using USDT on the first centralized cryptocurrency exchange to provide such a service by virtue of NFT ETFs. In the not too distant future, KuCoin intends to investigate further NFT-related goods for the benefit of our clients” – according to a statement released by Johnny Lyu, the CEO of KuCoin.
KuCoin, a worldwide cryptocurrency exchange that began operations in September 2017, is headquartered in the the Seychelles.
Alongside the release of the Fracton Protocol, the KuCoin NFT ETF Trading Zone will make its debut with five NFT ETFs that mirror the underlying assets of hiBAYC, hiPUNKS, hiSAND33, and hiKODA, respectively.
The HiBAYC token is used in the BAYC Meta-Swap that is part of the Fracton Protocol. This token represents 1/1,000,000 of the ownership of the target BAYC. This particular coin is an ERC-20 one. The hiBAYC token will initially be supported in KuCoin’s NFT ETF Trading Zone. This will make it possible for users to purchase a proportional share of the native blue-chip NFTs. In the future, the commercial component of the Fracton Protocol will work along with KuCoin to develop further NFT ETFs.
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