The product aims to improve the liquidity of NFT assets and lower the investment threshold of blue-chip NFTs for over 20 million users.
KuCoin, a global cryptocurrency exchange has launched a non-fungible token (NFT) exchange traded fund ETF trading zone. The product aims to improve the liquidity of NFT assets and lower the investment threshold of blue-chip NFTs for over 20 million users, informed the company.
The launch of the NFT ETF makes the KuCoin the first centralised crypto exchange supporting such instruments. KuCoin is also the first market player to introduce a United States department of the treasury (USDT)-dominated ETF product that marks particular underlying blue-chip NFT assets, the company informed.
“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. We are very excited to become the first centralised 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,” Johnny Lyu, CEO, KuCoin, stated.
Meanwhile, the trading zone will make NFTs accessible to a broader range of investors seeking to acquire blue-chip NFTs. In partnership with Fracton Protocol, the KuCoin NFT ETF trading zone will first list five NFT ETFs covering hiBAYC, hiPUNKS, hiSAND33, hiKODA, and hiENS4 as underlying assets as a beginning.
Furthermore, KuCoin has long held the NFT sector in special focus, as evidenced by the launch of Wonderland in April – KuCoin’s interactive NFT launch platform for crypto and traditional games. Wonderland allows users to enjoy a seamless and centralised experience in buying, investing, and managing their in-game NFTs. The month of May saw the release of Windvane, another NFT marketplace providing an NFT launchpad, NFT mint, trade, management, and many other services.
KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. In 2022, KuCoin raised over $150 million in investments through a pre-Series B round, bringing total investments to $170 million with Round A combined, at a total valuation of $10 billion.