Global crypto exchange KuCoin launched its flagship NFT ETF Trading Zone product today, July 29. It was created to improve NFT asset liquidity and lower the blue-chip NFT investment threshold for more than 20 million users, Coin Journal learned from a press release.
First centralized exchange to support such an instrument
With the introduction of this new product, KuCoin becomes the first CEX supporting such instruments. It was also the first to launch an ETF product denominated in USDT, tracking specific underlying blue-chip NFT assets.
First 5 ETFs listed cover hiBAYC and hiPUNKS
The Trading Zone will list five ETFs covering hiSAND33, hiKODA, hiBAYC, hiPUNKS, and hiENS4 as underlying assets as a start in partnership with Fracton Protocol.
The first token to be supported for trading by the KuCoin NFT ETF Trading Zone will be hiBAYC, giving users proportional ownership of native blue-chip NFTs.
Significant boost to establish mature NFT market
The new product gives KuCoin a substantial boost in its efforts to speed up the establishment of a mature NFT market by reducing the investment threshold of top or high-potential NFTs.
It also offers top-grade liquidity, better ways to invest in the top NFTs by paying in USDT rather than ether, and without problems surrounding the management of NFT infrastructure elements, such as wallets, OpenSea, and smart contracts.
Previous milestones for KuCoin
KuCoin introduced its interactive NFT platform Wonderland in April this year, which supports traditional and crypto games. In May, it released Windvane, another NFT marketplace providing NFT minting, a launchpad, trading, management, etc.
KuCoin CEO Johnny Lyu said:
As an exchange maintaining its rate of NFT market penetration, KuCoin will keep offering investors user-friendly products, making NFT investments easier for them. We are thrilled to become the first centralized crypto exchange to support NFT ETFs that enable people to invest and trade top NFTs easily with USDT. KuCoin will keep exploring more NFT-related products for our users moving forward.