August 17, 2022

Crypto change KuCoin has began providing fractional possession of blue-chip NFT collections through an Alternate-Traded Fund.

The brand new product, which KuCoin claims is industry-first, affords 5 NFT ETFs to decrease the barrier to entry for retail buyers.

Regardless of blue-chip NFTs taking a beating within the current crypto market rout, NFTs from the Bored Ape Yacht Membership assortment are nonetheless fetching a minimal of $144 000, whereas the ground worth of one other important assortment CryptoPunks is $115721.

Nonfungible into fungible

The NFT ETFs are being provided in collaboration with Fracton Protocol, an organization specializing in fractionalizing NFTs into fungible ERC20 tokens. The tokens within the exchange-traded funds characterize an possession fraction of 1/1000000 for the totally different NFT collections. The token representing fractionalized possession of a Bored Ape Yacht Membership token shall be hiBAYC. On the similar time, the remaining 4 ETFs comprise the tokens hiPUNKS, hiSAND33, hiKODA, and hiENS4. The hiPunks assortment shall be listed on Aug. 2, 2022, whereas the opposite collections are slated for future launches. Buyers can commerce ETFs within the stablecoin USDT with out organising an ETH pockets.

The KuCoin NFT ETF launched on Friday, July 29, 2022.

KuCoin isn’t the primary firm to launch a nonfungible token exchange-traded fund. Fintech agency Defiance introduced the launch of the same market in Dec. 2021. Solely this time, the ETF tracked a basket of corporations already in or with aspirations to enter the NFT sector and the metaverse.

KuCoin forges forward regardless of winter

Lately, KuCoin’s CEO needed to clear the air concerning potential insolvency rumors surrounding the change, first circulated by 0tteroooo, a Twitter person whose account has since been deleted. The saga revolved round potential publicity to LUNA, a sister coin of collapsed stablecoin TerraUSD. KuCoin additionally denied publicity to failed hedge fund Three Arrows Capital and Babel Finance, a crypto lender.

See also Cardano NFT Marketplace to Launch Beta Version

Whereas, Coinbase, and others have slashed their workforces significantly, KuCoin introduced two weeks in the past that it could rent as much as 300 new employees in compliance, advertising, design, and know-how roles.

It raised $150 million in a Collection B funding spherical in Might 2022, valuing the corporate at $10 billion.

KuCoin affords spot buying and selling, spinoff buying and selling, peer-to-peer companies, staking, and lending in 207 nations. The Ontario Securities Fee banned it for contravening securities legal guidelines.

CEO Johnny Lyu stated the corporate would watch the NFT house intently for future NFT product choices.


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