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KuCoin Becomes First Crypto Exchange to Launch Dedicated NFT Index Funds (ETFs)



Seychelles-based crypto exchange KuCoin has launched the first-ever index funds (ETF) tracking leading non-fungible tokens (NFT) like the Bored Ape Yacht Club (BAYC).


As announced by the crypto exchange , the associated NFT ETF trading zone was launched on Friday, in which the investment products were launched in cooperation with the Fracton Protocol.


The KuCoin NFT ETFs are index funds denominated in Tether ( USDT ) that track the price developments of individual market-leading NFT projects such as the Bored Ape Yacht Club. The BAYC is only one of five projects for which there is an index fund. Under the ticker hiBAYC, the ETF is issued as an ERC-20 token, in which a single currency unit represents one millionth (1:1,000,000) of the relevant bored ape.


Above all, the ETFs are intended to ensure more liquidity in the NFT market by allowing crypto investors to buy them via USDT instead of necessarily having to invest in the digital collectibles in Ethereum ( ETH ). In addition, investors no longer have to deal with the complex handling of wallets, smart contracts and NFT trading platforms such as OpenSea.


In addition to the hiBAYC, the index funds CryptoPunks (hiPUNKS), Koda NFTs (hiKODA), hiSAND33 and hiENS4 are also available. After the hiBAYC started on Friday , hiPUNKS will follow on August 4th, the start dates for hiKODA, hiSAND33 and hiENS4 will each be announced at a later date.


The new ETFs are an important milestone for the NFT market, because such investment products can be used to break down entry barriers to the often high-priced assets.


KuCoin's efforts in this regard make strategic sense for the crypto exchange, as the company plans to launch its own interactive NFT platform, Wonderland, in April. In addition, Windvane, a company-owned NFT marketplace, is already in operation.


"KuCoin will continue to work on creating user-friendly products for investors that offer them uncomplicated access to the NFT market," explains Managing Director Johnny Lyu in this context. According to Lyu, KuCoin is the first ever centralized crypto exchange to offer dedicated NFT ETFs.

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