Over the past year, the Bored Ape Yacht Club (BAYC) Non-Fungible Token (NFT) collection has become one of the most popular NFT projects. After several weeks of continuous growth in value, the current minimum price of one Bored Ape NFT is 130 Ether, or $382,000. Decentralized derivatives exchange Injective Pro has opened a perpetual floor market for NFTs after raising the floor price.
Injective Pro lists perpetual NFT shares at the lowest price
On Thursday, Injective Pro, a decentralized derivatives exchange built on the Injective network, announced the launch of perpetual bonds at the floor price of NFTs.
The team believes that offering floor-priced perpetual bonds lowers the barrier to entry for popular and expensive NFT collections such as BAYC. “[Floor price perpetual contracts allow] retail users to trade based on the floor price of NFT collections without actually having to store the NFT itself,” the trading platform explained.
Bored Ape Yacht Club (BAYC) is one of the most expensive collections to date, as the minimum cost of one BAYC NFT is 130 Ether or $382,000. This value gives the entire Bore Ape collection a market capitalization of approximately $3.81 billion. From 6,401 owners, the BAYC NFT collection generated $7.99 million in 24-hour trading volume. The Injective Pro platform will allow clients to open long or short positions on NFT platforms in the amount of $1 or more.
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“The NFT market has now become mainstream, but the most popular collections, such as the Bored Ape Yacht Club, remain out of reach for the majority due to high prices,” said Eric Chen, CEO and co-founder of Injective Labs, during the announcement.
“The Bored Ape Yacht Club perpetual bonds aim to allow casual traders to access this market, thereby leveling the playing field for the majority who want to join the Bored Ape community.”
Derivatives and perpetual NFTs follow other concepts such as using NFTs as collateral for loans and fractional NFT markets. For example, an NFT lending platform called Arcade has millions of dollars worth of NFT escrow. The platform allows NFT holders to borrow, lend and earn from their Bored Apes or other popular value collections. In addition, statistics show that the market value of the fractionated NFT market is around $8,713,345 today.
Injective Pro details that the company worked with NFT portfolio management firm Nftbank to “create a custom price channel for the BAYC collection that confirms the market entry price.