THE PARTNERSHIP ACCORDING TO RUMOURS CAN LEAD TO A NFT TRADING PLATFORM FOR ALL RETAIL MEMBERS!
To promote the usage of NFTs, KuCoin, a well-known cryptocurrency exchange, has joined forces with Fracton Protocol, an NFT liquidity infrastructure. The business tweeted about the change on Tuesday.
According to rumors, the NFT protocol intends to create a well-known NFT trading platform for all retail members using its partnership with Kucoin.
The KuCoin and Fracton Protocol partnership will aid in addressing the NFT market’s liquidity problems.
The alliance will provide Fracton a competitive edge over online markets that only support the ethical trading of NFTs.
The same is true for the general public, NFT fans, collectors, and traders; involvement tends to rise due to the partnership.
The intimate nature of NFTs has continued to limit their acceptance over time, particularly among retail investors. Although the sector has developed significantly since its peak in 2021, generating a volume of almost $20 billion. However, its indivisibility and high cost have discouraged small investors from participating.
Some Ethereum NFT collections presently have floor values above $1,500. Similarly, the cheapest NFT collection, especially in Yuga Labs BAYC, costs 93 ETH. As a result, this development limits investment to just wealthy individuals. On the other hand, the collaboration between Kucoin and the Fracton protocol is currently designed to broaden the accessibility of these tokens.
The protocol now supports the tokenization of BAYC and PUNKS collections. However, by working with Kucoin, the protocol wants to spread into further NFT initiatives. The protocol states that this will help with accessibility and trend adoption.
KuCoin has persisted in raising investment funds by cooperating with numerous crypto businesses despite the current market conditions. Recall that Susquehanna International Group (SIG) recently awarded the exchange a strategic contract to support the development of the KCS and KCC ecosystems and the integration of blockchain technology. Similarly, the partnership gave the exchange a $10 million investment.
As previously said, KuCoin intends to use the money to upgrade the infrastructure of its platform.
The exchange also wants to improve its product offering and prepare for the following bull market.
The research revealed that the money would go toward the company’s global hiring and expansion objectives. Notably, the exchange and SIG have a relationship that fosters, finances, and consults promising crypto startup projects developed on the KCC chain.
Additionally, the exchange completed a pre-series B fundraising round in May, raising about $150 million.
Jump Crypto led the funding round, as was previously announced. The exchange has invested roughly $170 million with the additional cash.