NFT News

Injective, a cryptocurrency exchange, has launched BAYC Perpetuals in the midst of a raging NFT market.

Exchange of cryptocurrency derivatives Injective Pro said on Thursday that it has listed perpetual contracts based on Bored Ape Yacht Club NFTs to make them more accessible to the general public.

According to a statement, the exchange was also the “first-ever” to bring an NFT (non-fungible token) floor price perpetual to market via its BAYC listing.

Crypto perpetuals are a type of derivative arrangement that allows investors to buy or sell a digital asset for a certain amount at a future date. They are different from futures contracts in that they allow a person to keep the contract indefinitely.

The demand for NFTs has risen dramatically in recent years. Bored Ape NFTs, which were created last year by parent company Yuga Labs and are mined on the Ethereum blockchain, have continued to ride the frenzy of speculation, putting prices beyond the grasp of many investors.

According to the project’s floor pricing stated on marketplace OpenSea, the minimum price for a single Bored Ape NFT for immediate purchase is 127.7 ETH, or nearly $378,000.

The latest perpetuals from Injective Pro will attempt to decrease the entry hurdle by allowing retail investors to speculate on the floor price of NFT collections without having to hold the underlying asset.

“We believe that, like NFTs, consumers will be able to profit from this revolutionary technology without needing to comprehend all the details of how perps work,” Injective CEO Eric Chen told Blockworks.

Starting at $1, users will be able to take long or short positions in a specific NFT project. According to Injective, this would allow more consumers to obtain exposure to high-value assets or hedge against NFT market volatility.

“The price points of NFTs are still preventing many individuals from entering these communities,” Chen remarked. “That is why we chose BAYC as the first project to list on Injective Pro in an NFT floor perpetual market.” We intended to lessen the barrier to participation in projects that people see the worth of but are unable to participate in due to cost.”

Cross-chain margin trading, derivatives, and currency futures trading, including perpetuals, are available through Injective Pro, the first major decentralized application developed on the Injective blockchain.

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