Key takeaways:
- KuCoin has launched its first fractionalized NFT project, the hiBAY project
- hiBAY is an ERC-20 token that represents a 1:1,000,000 share of a Bored Ape Yacht Club (BAYC) collectible stored in the collection vault
- KuCoin’s inaugural fractionalized project has been launched in collaboration with Fraction Protocol, a company specializing in fractionalized blue chip NFTs
The new initiative allows users to buy pieces of blue chip NFTs
The KuCoin cryptocurrency exchange has announced the first project on the Fractional NFTs Platform, the fractionalized Bored Ape Yacht Club (BAYC) collectibles. To obtain an ownership share of BAYC non-fungible tokens (NFTs), users can buy the hiBAYC token at a token sale price of 0.13 USDT.
KuCoin will sell hiBAYC during the 48-hour promotion that ends on July 29. hiBAYC is an ERC-20 token with an initial token supply of 2 million tokens. Each token represents a 1 millionth ownership share of one BAYC in the collection vault, meaning that each BAYC NFT in the vault is valued at 1 million hiBAYC. The KuCoin team shared the news about the hiBAYC project on Twitter on Tuesday.
Fractionalized NFTs allow users to invest in well-known and popular digital collectibles at a substantially lower cost than buying the same item in its entirety. Fractionalized BAYC tokens will be tradeable on the KuCoin spot markets.
The first fractionalized NFT project launched by KuCoin comes roughly two weeks after the company announced a partnership with Fracton Protocol, a permissionless liquidity and oracle protocol for blue-chip NFTs.
In related news, KuCoin CEO Johnny Lyu announced the launch of the Anti-FUD Fund yesterday. The fund will reportedly focus primarily on educating people hot to distinguish unsubstantiated and misleading claims from truthful information.
