Injective Pro now first-ever exchange to launch NFT floor price perpetual market with BAYC/WETH listing.
Injective Pro has a latest invention: an NFT floor price perpetual market. The derivatives decentralized exchange announced the FP perpetual market on April 21 on Twitter. With the recent development, traders can use as little as $1 to make a profit off the floor price of BAYC.
While some people go into NFTs to hold them for utility’s sake, some others prefer to flip them for profit’s sake. With NFTs, you typically need to buy a whole piece in order to flip them.
Go long or short on BAYC with Injective Pro
Not everyone can afford 370,000 dollars to buy or flip a Bored Ape. But, with a crypto exchange called Injective Pro, anyone can trade the floor price of one of the most popular NFTs on the planet: Bored Ape.
With this perpetual market, interested traders can go short or long on BAYC, just as they will do on any perpetual coin market. For example, if a trader thinks that BAYC’s price is going to go up, the trader can use a few dollars to buy the NFT’s floor price.
Injective Labs worked with NFT Bank, an NFT portfolio company and Burnt Finance, a Solana NFT platform to make the FP trading possible. A special API on Injective’s platform fetches the real time price of BAYC and feeds it into the exchange for users to trade.
Note that it’s not the Ape itself or a fraction that’s being bought, but just its price. The FP is listed on Injective Pro as BAYC/WETH. This means you can only access it with Wrapped Ethereum, which you can buy from the exchange or deposit to Injective Pro from other exchanges.
High prices? Not a problem!
“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,” says Eric Chen, CEO and co-founder of Injective Labs.
NFTs are usually out of reach to those just starting out, especially those with low capital. It is much easier to use any amount in dollars to test the waters first, instead of just buying an NFT just like that without prior experience.
The bad news is that users in America or any of the countries restricted by the exchange can not trade this perpetual market. If you are not in the banned regions, then you can start trading the FP right here.
On the trading page, traders can see the normal perpetual trading particulars like margin, liquidation price, taker fee and even a live chart to watch the FP’s movement. At the time of writing, BAYC’s price is 35% up since yesterday.
Bored Ape Yacht Club is a mainstream NFT that has gained popularity as a top-tier NFT. Markets like this invented by Injective Labs make it easier for anyone to benefit from the hype around NFTs.
Hopefully, more exchanges can adopt this market structure to help more people get into the NFT space.