Crypto Exchange Injective Launches BAYC Perpetuals Amid Heated NFT Market

  • The exchange said it wants to lower the barrier to entry for investing in high-value NFTs through crypto perpetuals.
  • Contracts will allow investors to bet on the direction of NFT projects, starting at $1

Crypto derivatives exchange Injective Pro said Thursday that it has listed Bored Ape Yacht Club NFT-based perpetual contracts in a bid to make them more accessible to the average investor.

The exchange also said it was the “first” to bring a perpetual NFT (non-fungible token) price floor to the market through its listing on BAYC, according to a statement.

Perpetual cryptocurrencies are a form of derivative agreement that allows investors to buy or sell a digital asset for a specified amount at an unspecified time in the future. They differ from futures contracts in that they allow one person to hold the contract indefinitely.

The demand for NFTs has skyrocketed in recent years. Minted on the Ethereum blockchain, Bored Ape NFTs, founded by parent company Yuga Labs last year, have continued to fuel speculation fervor, pushing prices beyond the reach of many investors.

The minimum price for a single Bored Ape NFT for immediate purchase is 127.7 ETH, or approximately $378,000, based on the project’s minimum price listed on the OpenSea marketplace.

Injective Pro’s latest perpetuals will attempt to lower the barrier to entry by providing retail investors with a means to speculate on the minimum price of NFT collections without the need to hold custody of the underlying asset.

“Similar to NFTs, we believe that with an intuitive product and education on the true value of an NFT perpetual floor market, users will be able to benefit from this innovative technology, without needing to know all the intricacies of how criminals work.” , Injective CEO Eric Chen told Blockworks.

Users will be able to go long or short a particular NFT project starting at $1. This would allow more users to gain exposure to high-value assets or hedge against NFT market volatility, Injective said.

“NFTs are still at a stage where prices prevent many people from joining these communities,” Chen said. “This is why we chose BAYC as the first project to be listed on an NFT floor perpetual market on Injective Pro. We wanted to lower the barrier to entry to join projects that people understand the value of, but at the same time, are blocked. to get in because of the price.”

Injective Pro, which is the first major decentralized application built on top of the Injective blockchain, offers cross-chain margin trading, derivatives, and currency futures trading, including perpetuals.


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  • Sebastian Sinclair

    blocks

    Senior Reporter, Asia News Desk

    Sebastian Sinclair is a senior news reporter for Blockworks operating in Southeast Asia. He has experience covering the crypto market as well as certain developments affecting the industry, including regulation, business deals, and mergers and acquisitions. He currently has no cryptocurrencies. Contact Sebastian by email at [email protected]

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