KuCoin's five new products claim to be the industry's first NFTETF, reducing the entry barriers for retail investors.
Although the blue-chip NFT has been hit by the recent plunge in the cryptocurrency market, the NFT of the BoredApeYachtClub series is still available at a price of at least US$144,000, while another key series, CryptoPunks, has a base price of US$115,721.
Irreplaceable becomes replaceable
NFTETF is provided in cooperation with FractonProtocol, which is a company that specializes in providing NFT decomposition as a substitute for ERC20 tokens. The tokens in the ETF represent different NFT1/100000000 ownership grades The token representing the ownership of part of the BoredApeYachtClub tokens will be the token hiBAYC. Meanwhile, four other ETFs contain tokens hiPUNKS.hiSAND33.hiKODA and hiENS4. The hiPunks series will be available on August 2, 2022, and other series will be launched in the future. Investors do not need to set up ETH stablecoins to be able to use their wallets to trade ETFs in USDT.
KuCoinNFTETF will be launched on Friday, July 29, 2022.
KuCoin is not the first company to launch a non-fungible token exchange-traded fund. The Defiance-like marketplace for fintech companies launches in December 2021. Just this time, the ETF tracks a basket that has entered or intends to enter the realm of NFT companies and Metaverse.
KuCoin is not afraid of the cold winter
Recently, the CEO of KuCoin We had to clarify rumors of a potential bankruptcy surrounding the exchange. The rumor first spread from Twitter customer 0tteroooo, whose account has since been deleted. The lore`s story revolves around potential exposure to rival LUNA, the stablecoin`s sister coin to TerraUSD. KuCoin also denied that Sanjian Capital, a hedge fund, had contact with Babel Finance, a digital currency lender.
Although Crypto.com.Coinbase and other companies have substantially laid off employees, KuCoin announced two weeks ago that it will recruit up to 300 new employees for compliance work, marketing, design and technical work.
In the B round of financing in May 2022, 500 million US dollars, the company's valuation is 10 billion US dollars.
KuCoin provides spot markets, derivatives trading, peer-to-peer services, pledges and loans in 207 countries. The Ontario Securities Commission strictly prohibits it for violating securities laws.
CEO JohnnyLyu said that the company will attach great importance to NFT to find future space NFT products.
