Injective Pro, the premier fully-decentralized derivatives exchange built on Injective, is now the first-ever exchange to list an NFT floor price perpetual market with the BAYC/WETH listing.
The Bored Ape Yacht Club (BAYC) collection debuted in 2021 with 10,000 unique NFTs. The NFTs have since been catapulted to mainstream fame with the help of celebrity endorsements from the likes of Justin Bieber, Madonna, and Tom Brady.
Since its launch, BAYC prices have risen astronomically, with a recent floor price value (as of April 2022) of over 120 ETH (~$370,000).
While BAYC is one of the more popular NFT projects on the market today, users who are interested in purchasing an asset may be unable to do so given its high price. Floor price perpetuals aim to lower the barrier to entry to such projects by enabling retail users to trade based on the floor price of NFT collections, without actually having to hold custody of the NFT itself.
On Injective Pro, users will be able to go long or short on NFT collections for as little as $1, allowing more users to gain exposure to high-value assets or hedge against NFT market volatility.
Injective Labs, the software development firm company behind Injective Pro, worked with NFT portfolio management company NFTBank to create a custom price feed for the BAYC collection, which validates the initial price of the market. Burnt Finance, the fully decentralized NFT protocol, helps to host the price feed.
“The NFT market has now entered the mainstream but the most popular collections such as Bored Ape Yacht Club remain out of reach for most given the high prices,” said Eric Chen, CEO and co-founder of Injective Labs. “The Bored Ape Yacht Club floor price perpetuals seek to allow everyday traders to gain exposure into this market, thereby leveling the playing field for most to join the Bored Ape community.”
The BAYC floor perpetuals will be listed directly on Injective Pro and you start trading here.
To learn more about Injective, follow @InjectiveLabs on Twitter, subscribe to the Injective Blog, or visit Injective.com. To read more about the BAYC Floor Price perpetual launch please also check out the coverage on Yahoo Finance here.
Injective is a custom interoperable layer one protocol for building powerful exchange, DeFi, derivatives & Web3 applications. Injective was created using the Cosmos SDK and is able to achieve instant transaction finality while sustaining lightning fast speeds. INJ is the native deflationary scarce asset that powers the Injective Protocol and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by Pantera Capital.
NFTBank is a leading NFT portfolio management service that drastically improves visibility to NFT portfolios spread across different wallets and blockchains. NFTBank is powered by its in-house price prediction model that uses historical sales data and NFT metadata to accurately predict market value of individual NFTs. NFTBank continues to build tools that empower NFT investors, creators, guild managers and scholars.