Injective debuts BAYC Perpetuals
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Injective Pro a Crypto derivatives exchange, a few days ago, listed perpetual contracts based on Bored Ape Yacht Club; here’s more on this development
Successful NFT projects have become inaccessible
NFTs have grown considerably in recent times, and during that period, the valuation of the most successful NFT projects has become outrageously expensive. A general problem that most people complain about with regard to NFT projects is that the floor price for a lot of these projects is too expensive for the average investor.
As time goes on and NFTs gain more critical acclaim, it’s time to make the most expensive and sought-after NFT collections more accessible by introducing solutions to diversify NFT projects’ investments and engagement.
According to Injective Pro, their solution will be the first to introduce an NFT floor price perpetual to market, and there’s no better collection to debut this than with BAYC.
You might be wondering what Crypto perpetuals are; in the most straightforward explanation possible; they are a form of derivative agreement that allows investors to sell an asset at a specific price at an unspecified time in the future. Admittedly, crypto perpetuals are similar to futures contracts, and the similarities are uncanny.
However, crypto perpetuals differ from futures contracts in the sense that they allow holders to hold onto the contracts indefinitely. Injective Pro allows investors, holders, and general stakeholders to expand their horizons and do more than they could have ordinarily.
Injective Pro x BAYC
In more ways than one, the BAYC collection has become the poster child for the NFT space, and most times, when we hear about a celebrity or public figure investing in NFTs, it’s almost always BAYC NFTs.
Additionally, BAYC is one of the most recognizable NFT collections, and a considerable amount of people uninterested in NFTs and Web3 can recognize the BAYC brand. With popularity comes expense, and at the time of writing this piece, the cheapest BAYC NFT available for immediate purchase on OpenSea costs 127.7 ETH or $376,823.54.
Eric Chen, Injective’s CEO, had the following to say, “Just like NFTs, we believe that with an intuitive product and education on the true value of an NFT floor perpetual market, users will be able to benefit from this innovative technology, without needing to know all the intricacies of how perps work.”
What does this mean for the future of the NFT Ecosystem?
One fantastic thing about Injective is that the company is tackling a significant issue faced by the majority of the NFT community. The question of how we can make NFTs more accessible without tanking their value is one that’s been on the lips of a myriad of people, and at the very least, Injective is tackling this problem in its way.
Speaking further on why Injective chose BAYC, Chen shared, “That is why we chose BAYC as the first project to list in an NFT floor perpetual market on Injective Pro. We wanted to lower the barrier to entry to join projects that people do understand the value of, yet at the same time, are blocked to enter because of price.”
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