Injective Pro, a crypto derivatives exchange platform, listed Bored Ape Yacht (BAYC) Club NFTs-based perpetual contracts. This is an effort to make it more accessible to the average investor. Injective Pro is the first ever to bring an NFT floor price perpetual to the market via the BAYC listing.
Experts describe crypto perpetual as a form of derivative agreement. It allows investors to trade a digital asset for a specified amount at an unspecified point in the future. Crypto perpetual are different from future contracts as it allows an individual to hold onto the contract indefinitely.
The past couple of years has seen heightened demand for NFTs. Bored Ape Yacht NFTs are the most popular non-fungible token which is minted on the Ethereum blockchain. The rising demand for BAYC NFTs has pushed prices beyond the reach of many investors. According to the project’s floor price listed on OpenSea (NFT marketplace), the minimum price for a single BAYC NFT stands at 127.7ETH (about $378,000).
Eric Chen, the CEO of Injective Pro, believes that with an intuitive product and education on the true value of an NFT floor price perpetual market, users can benefit from the innovative technology. They don’t need to know all the intricacies of how perps work. With the latest initiative, Injective Pro will try to lower the barrier to entry. The platform will provide retail investors with a means to speculate on the floor price of NFT collections without having to acquire the underlying asset.
Chen highlighted that NFTs are still in a stage in which price points are stopping many people from joining these communities. This is why Injective Pro chose BAYC as the first project to list in an NFT floor perpetual market. The exchange wanted to lower the barrier to entry to join projects that people do understand the value of.