Over the last year, Bored Ape Yacht Club (BAYC), non-fungible token (NFT) collection became one of most popular NFT projects. Following weeks of steadily rising value, the floor price for one Bored Ape NFT now stands at 130 ether (or $382K). Injective Pro, a decentralized derivatives platform has created a permanent NFT floor pricing market following the rise in the floor price.
Injective Pro Lists NFT Floor Price Perpetuals
Injective Pro, a decentralized derivatives platform built on Injective network announced Thursday the creation of a NFT floor market price perpetual. Offering floor prices perpetuals lowers entry barriers to popular, but more expensive NFT collections like BAYC. “[Floor price perpetuals enable] retail users to trade based on the floor price of NFT collections, without actually having to hold custody of the NFT itself,” the trading platform explained.
Bored Ape Yacht Club is the most costly floor today, with a BAYC NFT having a value of 130ether (or $382K). Bore Ape has an estimated market capitalization around $3.81 trillion due to the floor value. The BAYC NFT collection, which has 6,401 owners, has made $7.99million in 24 hour trade volume. Customers can trade long and short NFT floors with Injective Pro for as little as $1.
“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,” Eric Chen, the CEO and co-founder of Injective Labs remarked during the announcement. “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.”
NFT perpetuals and NFT derivatives are based on other concepts such as using NFTs to secure loans or fractionalized NFT market collateral. Arcade, an NFT-lending platform, holds NFTs worth millions of dollars in escrow. NFT owners can borrow, lend and make money with their Bored Apes, or any other valuable collection. Statistics show that the market value of fractionalized NFT markets is currently $8,713,345
The new NFT perpetuals allow digital collector investors to purchase or sell non-fungible token derivatives at a future price. Injective Pro believes the floor price perpetuals markets will allow “more users to gain exposure to high-value assets or hedge against NFT market volatility.” Meanwhile, the NFT floor price data stemming from coingecko.com shows BAYC’s floor at 130, while Opensea statistics show the floor value on that particular NFT exchange is 138.5 ether.
Injective Pro’s announcement details that the company worked with the NFT portfolio management firm Nftbank in order to “create a custom price feed for the BAYC collection, which validates the initial price of the market.
What do you think about Injective Pro’s Bored Ape floor price perpetuals? Comment below and let us know how you feel about the subject.
Image creditShutterstock. Pixabay. Wiki Commons
